Question : 41) Demand for a product tends to be more elastic : 1239074

 

41) Demand for a product tends to be more elastic the longer the time period considered because

A) sellers have more time to expand production.

B) buyers have more time to search for substitutes.

C) price increases over time make the price larger relative to buyers’ incomes.

D) the inverse relationship between the price and the quantity demanded weakens over time.

E) buyers get used to the new price.

42) The long-run price elasticity of demand for electricity is ________ the short-run price elasticity of demand for electricity.

A) greater than

B) less than

C) equal to

D) not comparable to

E) unrelated to

43) A product’s price elasticity of demand is likely to be greater

A) if it only has a few substitutes.

B) if consumers spend a small proportion of income on the product.

C) the less time consumers have to adjust to price changes.

D) if the product is a luxury good rather than a necessity.

E) Both answers C and D are correct.

44) The demand for luxury suites at basketball games is more elastic if

A) these suites are a necessity.

B) these suites are a luxury item.

C) few close substitutes exist for these suites.

D) basketball fans have little time to look for alternative suites.

E) poorer fans cannot afford luxury suites.

45) The demand for a necessity generally is

A) very elastic.

B) infinitely elastic.

C) unaffected by income.

D) inelastic.

E) unit elastic.

46) The demand for necessities generally is ________ the demand for luxury goods.

A) as elastic as

B) more elastic than

C) less elastic than

D) flatter than

E) not comparable to

47) If a good is a necessity, it has ________ substitutes and its demand is ________.

A) poor; elastic

B) poor; inelastic

C) many; elastic

D) many; inelastic

E) many; precisely unit elastic

48) You are more sensitive to a change in price if you

A) spend a lot of your income on the good.

B) spend a small percentage of your income on the good.

C) buy very little of the good.

D) do not buy the good regularly.

E) have a very inelastic demand for the good.

49) We calculate the price elasticity of demand as the

A) ratio of the percentage change in the quantity demanded to the percentage change in price.

B) change in quantity divided by the change in price.

C) ratio of the percentage change in the price to the percentage change in quantity.

D) percentage change in the quantity demanded divided by the percentage change in income.

E) equilibrium quantity divided by the equilibrium price.

50) What is the formula for the price elasticity of demand? The percentage change in the

A) quantity demanded divided by the percentage change in the price of a substitute or complement.

B) quantity supplied divided by the percentage change in price.

C) quantity demanded divided by the percentage change in price.

D) quantity demanded divided by the percentage change in income.

E) equilibrium quantity demanded divided by the equilibrium price.

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more