Question: 9)) Fresh peas are A. Unit elastic B. Elastic C. Inelastic 10)) Major league baseball tickets are A. Unit elastic B. Elastic C. Inelastic 11))
9)) Fresh peas are
A. Unit elastic
B. Elastic
C. Inelastic
10)) Major league baseball tickets are
A. Unit elastic
B. Elastic
C. Inelastic
11)) Lamb & mutton are
A. Unit elastic
B. Elastic
C. Inelastic
12)) ELASTIC products tend to have
A. Few practical substitutes
B. Many practical substitutes
13)) ELASTIC products tend to be
A. Necessities
B. Luxuries
14)) How is demand for INFERIOR goods (like generic macaroni and cheese) affected by a DECREASE IN INCOME (as is the case when the economy experiences a severe recession)? In a recession, the demand for generic macaroni & cheese
A. Decreases
B. Is NOT affected
C. Increases
15)) Complete the following regarding COMPLEMENTARY PRODUCTS (like printers and ink cartridges). When people buy more printers they buy __________ ink.
A. Less
B. More
16)) Pick the statement that BEST describes the LAW OF DIMINISHING MARGINAL UTILITY.
A. An additional lane of highway will be LESS useful than the previous lane built
B. An additional lane of highway will be MORE useful than the previous lane built
C. An additional lane of highway will have a harmful effect on society
D. An additional lane of highway will always be worth its cost
17)) In the next three questions, indicate whether the inputs specified are VARIABLE or FIXED in the short run based on their behavior. SALES COMMISSIONS paid to the sales force of an industrial parts company are
A. Variable
B. Fixed
18)) SALARY paid to the manager of the sales department of an industrial parts company is
A. Variable
B. Fixed
19)) SUGAR (and other ingredients) in the making of candy bars is
A. Variable
B. Fixed
20)) A gasoline station, very near a professional football stadium, parks cars on its lot to make money on game days. Last year it charged $10.00 per car and parked 700 cars. This year it lowered the parking price to $6.00 and parked 1,000 cars. Is the demand for this parking lot INELASTIC or ELASTIC?
A. Inelastic
B. Elastic
21)) Last year, a local amusement park sold 10,000 tickets at $40.00 each. This year, it lowered the ticket price to $30.00 and sold 15,000 tickets. Is the demand for this amusement park INELASTIC or ELASTIC?
A. Inelastic
B. Elastic
22)) Your local water department (probably the City of Cleveland Division of Water) provides "running" water service to your residence. The water department is best described as
A. Pure competition
B. Monopolistic competition
C. Oligopoly
D. Pure monopoly
23)) The market for agricultural products (like Florida oranges) is best described as
A. Pure competition
B. Monopolistic competition
C. Oligopoly
D. Pure monopoly
24)) Automobile manufacturing is best described as
A. Pure competition
B. Monopolistic competition
C. Oligopoly
D. Pure monopoly
25)) Which of the following industry types has ONLY A SINGLE SELLER?
A. Pure competition
B. Monopolistic competition
C. Oligopoly
D. Pure monopoly
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts