【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.
【題目】Good A and good B are substitutes in production. The demand for good A increases so that the price of good A rises. The increase in the price of good A shifts the 【答案】:supply curve of good B leftward.
【題目】:The figure shows the market for books before and after a sales tax is introduced. The tax on books is ____ a book, buyers pay ____ of tax per book, and the governments tax revenue is ____. 【答案】:$1.20; $0.80; $12
【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 3.0 1 ...
題目:Under which of the following conditions would the interdiction of illegal drugs result in a decrease in the quantity of drugs sold and in a decrease in total spending on illegal drugs by drug users? 答案:The price elasticity of demand for illegal drugs is 1.3
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.