【題目】：The expansion of capital that can occur in the long-run but not in the short-run, means that the long-run supply is 【答案】：more elastic than the short-run supply curve.
題目：Suppose that the price of eggs increases from 75 cents to $1.00 per dozen and as a result a typical farmer experiences a decrease in egg sales from 300 to 200 dozen per week. Using the method of average values, the price elasticity of demand is 答案：1.4
【題目】：Apples and oranges are substitute goods. A freeze in Florida destroyed a good portion of the orange crop. Ceteris paribus, the price of 【答案】：both apples and oranges will rise.
題目：Suppose the price elasticity of demand for oil is 0.1. price elasticity of supply for oil is 0. In order to lower the price of oil by 20 percent, the quantity of oil supplied must be increased by 答案：2 percent.
題目：Suppose there are only two firms supplying in the market and they produce a homogeneous good. Two firms produce the good with the same constant marginal cost. Firms compete by setting price simultaneously . The equilibrium price of both firms must 答案：equal to the marginal cost.
【題目】：「Last October, due to an early frost, the price for a pumpkin increased by 10 percent.As a result, the quantity demanded decreased from 2 million to 1.5 million.」 Based on this statement, the 【答案】：demand for pumpkins is elastic.
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