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11. The manager of Ma and Pa's Shoelace Store knows that the own-price elasticity of demand for is inelastic shoelaces is 2.0. Thus, if Ma raises the price of shoelaces from $2.00 to $3.00, her sales will is unit clastic a. drop by 60.0% none of the above drop by 66.7% drop by 80.0% drop by 100.0% none of the above 12. An ineffective price floor will result in a surplus result in a shortage likely result in a black market have no impact on the price and quantity exchanged none of the above FIGURE THREE P PI P (1) (2) (3) (4) 13. If there are empty seats at a Bulls game when the face price printed on the ticket is P1, then this situation can be best represented by which graph in Figure Three? (4 ) (3) (2) (1) none of the above 14. The presence of scalpers (people selling tickets at a price above the face price, P, ) at a Bulls game suggests that this situation can be best represented by which graph in Figure Three? a. (4) b. (3) C, ( 2 ) (1) e none of the above 15. A price increase will decrease the amount of money a firm receives only if demand for its product a. is elastic