简答题A bakery would be willing to supply 500 bagels per day at a price of 0.80, the bakery would be willing to supply 1,100 bagels. Using the midpoint method, the price elasticity of supply for bagels is about A、0.62. B、0.77. C、1.24. D、1.63.简答题If a firm is facing inelastic demand, then the firm should decrease price to increase revenue.简答题Over which range is the supply curve in this figure the most elastic? A、40. B、100. C、220 D、430.简答题Suppose researchers at a University discover a new vitamin that increases the milk production of dairy cows. If the demand for milk is relatively inelastic, the discovery will A、raise both price and total revenues. B、lower both price and total revenues. C、raise price and lower total revenues. D、lower price and raise total revenues.简答题Goods with many close substitutes tend to have A、more elastic demands. B、less elastic demands. C、price elasticities of demand that are unit elastic. D、income elasticities of demand that are negative.简答题Which of the three supply curves represents the least elastic supply? A、Supply curve A. B、Supply curve B. C、Supply curve C. D、There is no difference in the elasticity of the three supply curves.简答题When the local used bookstore prices economics books at 15 yuan each, it generally sells 70 books per month. If it lowers the price to 7 yuan, sales increase to 90 books per month. Given this information, we know that the price elasticity of demand for economics books is about A、2.91, and an increase in price from 15 results in an increase in total revenue. B、2.91, and an increase in price from 15 results in a decrease in total revenue. C、0.34, and an increase in price from 15 results in an increase in total revenue. D、0.34, and an increase in price from 15 results in a decrease in total revenue.简答题The midpoint method is used to calculate elasticity between two points because it gives the same answer regardless of the direction of the change.简答题In January the price of dark chocolate candy bars was 2.50, and Willy's produced 110 pounds. In March the price of dark chocolate candy bars was 2.00 to 2.50 to 2.00 to 2.50 to 2.00 to 2.50 to 2.00 to 2.50 to $3.00.简答题A key determinant of the price elasticity of supply is the A、time horizon. B、income of consumers. C、price elasticity of demand. D、importance of the good in a consumer’s budget.简答题Suppose the price of potato chips decreases from 1.25 and, as a result, the quantity of potato chips demanded increases from 2,000 to 2,200. Using the midpoint method, the price elasticity of demand for potato chips in the given price range is A、2.00. B、1.55. C、1.00. D、0.64.简答题As price elasticity of supply increases, the supply curve A、becomes flatter. B、becomes steeper. C、becomes downward sloping. D、shifts to the right.简答题Which of the following statements about the price elasticity of demand is correct? A、The price elasticity of demand for a good measures the willingness of buyers of the good to buy less of the good as its price increases. B、Price elasticity of demand reflects the many economic, psychological, and social forces that shape consumer tastes. C、Other things equal, if good x has close substitutes and good y does not have close substitutes, then the demand for good x will be more elastic than the demand for good y. D、All of the above are correct.简答题Suppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in the quantity of X demanded. Price elasticity of demand for X is A、0 B、1 C、6 D、36简答题OPEC failed to maintain a high price of oil in the long run, partly because both the supply of oil and the demand for oil are more elastic in the long run than in the short run.简答题Suppose that when the price rises by 10% for a particular good, the quantity demanded of that good falls by 20%. The price elasticity of demand for this good is equal to 2.0.简答题Which of the following statements is not valid when supply is perfectly elastic? A、The elasticity of supply approaches infinity. B、The supply curve is horizontal. C、Very small changes in price lead to very large changes in quantity supplied. D、The time period under consideration is more likely a short period rather than a long period.简答题If the price elasticity of demand is equal to 0, then demand is unit elastic.简答题A linear, upward-sloping supply curve has A、a constant slope and a changing price elasticity of supply. B、a changing slope and a constant price elasticity of supply. C、both a constant slope and a constant price elasticity of supply. D、both a changing slope and a changing price elasticity of supply.简答题Whether a good is a luxury or necessity depends on the A、price of the good. B、preferences of the buyer. C、inherited properties of the good. D、scarcity of the good.