简答题If the price of natural gas rises, when is the price elasticity of demand likely to be the highest? A、Immediately after the price increase. B、One month after the price increase. C、Three months after the price increase. D、One year after the price increase.简答题Using the midpoint method, if the price falls from 40, the absolute value of the price elasticity of demand is A、0.4. B、1 C、4 D、20简答题A discovery that increases wheat yields per acre helps farmers by increasing both supply and total revenues.简答题As price falls from Pa to Pb, we could use the three demand curves to calculate three different values of the price elasticity of demand. Which of the three demand curves would produce the smallest elasticity? A、D1. B、D2. C、D3. D、All of the above are equally elastic.简答题Suppose the price elasticity of supply for minivans is 0.3 in the short run and 1.2 in the long run. If an increase in the demand for minivans causes the price of minivans to increase by 5%, then the quantity supplied of minivans will increase by about A、1.5% in the short run and 6% in the long run. B、6% in the short run and 1.5% in the long run. C、16.7% in the short run and 4.2% in the long run. D、4.2% in the short run and 16.7% in the long run.简答题If we observe that when the price of chocolate increases by 10%, quantity demanded falls by 5%, then the demand for chocolate is price inelastic.简答题In general, demand curves for luxuries tend to be price elastic.简答题When a supply curve is relatively flat, the A、sellers are not at all responsive to a change in price. B、equilibrium price changes substantially when the demand for the good changes. C、supply is relatively elastic. D、supply is relatively inelastic.简答题Elasticity of demand is closely related to the slope of the demand curve. The more responsive buyers are to a change in price, the A、steeper the demand curve will be. B、flatter the demand curve will be. C、further to the right the demand curve will sit. D、closer to the vertical axis the demand curve will sit.简答题Based on the above graphs, which of the following statements is not correct? A、Supply curve A is perfectly inelastic. B、Supply curve B is perfectly elastic. C、Supply curve C is unit elastic. D、Supply curve D is more elastic than supply curve C.简答题In the market for oil in the short run, demand A、and supply are both elastic. B、and supply are both inelastic. C、is elastic and supply is inelastic. D、is inelastic and supply is elastic.