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Macroeconomics Study Set 37
Quiz 4: Elasticity
Path 4
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Question 101
Multiple Choice
Determinants of the price elasticity of supply are:
Question 102
Multiple Choice
A corn farmer is likely to have a _____________ price elasticity of supply than does a tree farmer due to ________________.
Question 103
Multiple Choice
Suppose when the price of novels goes from $15 to $20 per book, production increases from 760 million books to 840 million books per year. Using the mid-point method, the price elasticity of supply is:
Question 104
Multiple Choice
A rare coin dealer is likely to have a _______________ price elasticity of supply than does a coffee shop due to ____________________.
Question 105
Multiple Choice
Suppose when the price of shoe laces goes from $1 to $2 per pair, production increases from 95 million pairs to 105 million pairs per year. Using the mid-point method, the price elasticity of supply is:
Question 106
Multiple Choice
A determinant of the price elasticity of supply that is also a determinant of the price elasticity of demand is:
Question 107
Multiple Choice
An automobile manufacturing plant is likely to have a ______________ price elasticity of supply than a bread bakery due to _________________.
Question 108
Multiple Choice
Suppose when the price of pizza goes from $8 to $12 per pie, production increases from 2,500 pies to 4,000 pies per month. Using the mid-point method, the percentage change in price is:
Question 109
Multiple Choice
The price elasticity of supply tells us:
Question 110
Multiple Choice
Cross-price elasticity refers to:
Question 111
Multiple Choice
Suppose when the price of pineapples goes from $5 to $3 per pineapple, production decreases from 3,500 pineapples to 2,000 pineapples per year. Using the mid-point method, the percentage change in price would be:
Question 112
Multiple Choice
How much the demand for one good changes in response to a change in the price of a different good is measured by:
Question 113
Multiple Choice
A baker of chocolate chip cookies is likely to have a ______________ price elasticity of supply than does the seller of rare baseball cards due to ______________.
Question 114
Multiple Choice
A tavern is likely to have a ______________________ price elasticity of supply than does an antiques dealer due to ______________________.
Question 115
Multiple Choice
Suppose when the price of coffee beans goes from $1 to $1.20 per pound, production increases from 90 million pounds of coffee beans to 110 million pounds per year. Using the mid-point method, the percentage change in quantity supplied is: