{SOLVED} American Military University - ECON 201 / ECON201 - Quiz 3 Q&A (2022)

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Part 1 of 3 - 80.0/ 100.0 Points Question 1 of 16 10.0/ 10.0 Points Demand is price inelastic if: A.the price of the good responds slightly to a quantity change. B.the demand curve shifts very lit... tle when a demand shifter changes. C.the percentage change in quantity demanded is relatively small in response to a relatively large percentage change in price. D.all of the above are true. Answer Key: C Question 2 of 16 10.0/ 10.0 Points If the absolute value of price elasticity is greater than 1, this means the demand curve in that region is: A.price elastic. B.price inelastic. C.unit price elastic. D.upward sloping. Answer Key: A Question 3 of 16 10.0/ 10.0 Points Which of the following will lead to a decrease in total revenue? A.price goes up and demand is perfectly inelastic This study source was downloaded by 100000831988016 from CourseHero.com on 03-31-2022 04:46:39 GMT -05:00 https://www.coursehero.com/file/13554419/Week-3-Quiz-Econ-201/ B.price goes up and demand is price inelastic C.price declines and demand is price elastic D.price increases and demand is price elastic Answer Key: D Question 4 of 16 10.0/ 10.0 Points If total revenue goes up when price falls, the price elasticity of demand is said to be: A.price inelastic. B.unit price elastic. C.price elastic. D.positive. Answer Key: C Question 5 of 16 10.0/ 10.0 Points Price elasticity of demand measures the responsiveness of the change in: A.quantity demanded to a change in price. B.price to a change in quantity demanded. C.slope of the demand curve to a change in price. D.slope of the demand curve to a change in quantity demanded. Answer Key: A Question 6 of 16 10.0/ 10.0 Points The price elasticity of demand is: A.always positive. This study source was downloaded by 100000831988016 from CourseHero.com on 03-31-2022 04:46:39 GMT -05:00 https://www.coursehero.com/file/13554419/Week-3-Quiz-Econ-201/ B.always greater than 1. C.usually equal to 1. D.always negative. Answer Key: D Question 7 of 16 10.0/ 10.0 Points A men's tie store sold an average of 30 ties per day when the price was $5 per tie but sold 50 of the same ties per day when the price was $3 per tie. Hence, the absolute value of the price elasticity of demand is: A.greater than zero but less than 1. B.equal to 1. C.greater than 1 but less than 3. D.greater than 3. Answer Key: B Question 8 of 16 0.0/ 10.0 Points If the total revenue received by a firm does not change when it raises its price, this indicates that the demand for the firm's product is: A.unstable. B.price inelastic. C.price elastic. D.unit price elastic. Answer Key: D Question 9 of 16 10.0/ 10.0 Points The ratio of the percentage change in a dependent variable to the percentage change in an independent variable, all other things unchanged, is: This study source was downloaded by 100000831988016 from CourseHero.com on 03-31-2022 04:46:39 GMT -05:00 https://www.coursehero.com/file/13554419/Week-3-Quiz-Econ-201/ A.total revenue. B.production possibilities. C.elasticity. D.slope. Answer Key: C Question 10 of 16 0.0/ 10.0 Points The price elasticity of a good will tend to be greater: A.the longer the relevant time period. B.the fewer number of substitute goods available. C.if it is a staple or necessity with few substitutes. D.All of the above are true. Answer Key: A Part 2 of 3 - Supply and Demand in Agriculture 0.0/ 30.0 Points This study source was downloaded by 100000831988016 from CourseHero.com on 03-31-2022 04:46:39 GMT -05:00 https://www.coursehero.com/file/13554419/Week-3-Quiz-Econ-201/ Question 11 of 16 0.0/ 10.0 Points (Exhibit: Supply and Dem [Show More]

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