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.Management Sciences
Category: Elasticity
in general a flatter demand curve is more likely to be ?
A. price elastic
B. unit price elastic
C. none of these answers
D. price inelastic
If supply is price inelastic the value of the price elasticity of supply must be ?
A. infinite
B. Zero
C. less than 1
D. none of these
E. greater than 1
A decrease in supply (shift to the left) will increase total revenue in that market if ?
A. demand is price inelastic
B. supply is price elastic
C. supply is price inelastic
D. demand is price elastic
If a supply curve for a good is price elastic then ?
A. the quantity supplied is sensitive to changes in the price of that good
B. That quantity demanded is insensitive to changes in the price of that good
C. the quantity demanded is sensitive to changes in the price of that good
D. the quantity supplied is incentive to changes in the price of that good
E. None of these
If an increase in the price of a good has no impact on the total revenue in that market demand must be ?
A. all of these answers
B. price inelastic
C. unit price elastic
D. price elastic
The demand for which of the following is likely to be the most price inelastic ?
A. transportation
B. taxi rides
C. bus tickets
D. airline tickets
Technological improvements in agriculture that shift the supply of agricultural commodities to the right tend to ?
A. increase total revenue to farmers as a whole because the demand for food is elastic
B. increase total revenue to farmers as whole because the demand for food is inelastic
C. reduce total revenue to farmers as a whole because the demand for food is elastic
D. reduce total revenue to farmers as a whole because the demand for food is inelastic
Which of the following would cause a demand curve for a good to be price inelastic ?
A. The good is luxury
B. There are a great number of substitutes for the good
C. The good is a necessity
D. The good is an inferior good
If the income elasticity of demand for a good is negative it must be ?
A. an elastic good
B. an inferior good
C. a normal good
D. a luxury good
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