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.Management Sciences
Category: Supply and Demand
Supply is likely to be more price elastic ?
A. In the short run rather than the long run
B. If factors of production are relatively immobile between industries
C. If there are very few producers
D. If it is easy to expand output
If your income doubles and the prices of the goods you buy double then your demand for these goods will likely?
A. increase
B. not change
C. decrease
D. shift
If the cross elasticity of demand is -2 ?
A. The products are substitutes and demand is cross price elastic
B. The products are substitutes and demand is cross price inelastic
C. The products are complements and demand is cross price elastic
D. The products are complements and demand is cross price inelastic
The price of apples falls by 5% and quantity demanded increases by 6% This means that demand is ?
A. zero elastic
B. elastic
C. perfectly elastic
D. inelastic
The increase in total cost when one more unit is produced is known as ?
A. marginal cost
B. opportunity cost
C. limited cost
D. average cost
Improved training of employees would ?
A. Shift aggregate supply to the right
B. Shift aggregate supply to the left
C. Shift aggregate demand to the right
D. shift aggregate demand to the left
Inferior goods have _________ and luxury goods have _________?
A. negative income elasticity income elasticity greater than 1
B. income elasticity greater than 1, negative income elasticities
C. Positive income elasticities, negative income elasticities
D. None of the above
If a product is an inferior good ?
A. Demand is inversely related to income
B. Demand in inversely related to price
C. Demand is directly related to price
D. Demand is inversely related to the price of substitutes
Increase unemployment benefits and less incentive to work would ?
A. shift aggregate supply to the right
B. shift aggregate supply to the left
C. shift aggregate demand to the right
D. shift aggregate demand to the left
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