Chapter 6 72 18. Price discrimination is most likely to occur in 12. In the grap

Question

Chapter 6 72 18. Price discrimination is most likely to occur in 12. In the graph below, point A on the supply curve, S, is: a when all individuals have equal elasticities h when some individuals have highly inelastie demands and some have highly elastic e. in which the elasticity of demand is 1. d in which the elasticity of demand is 0. a clastic h inelastic. c. unit elastic d unknown because one cannot say from the 19. A significant price rise with virtually no change in quantity would most likely be caused by a highly a elastic demand and supply shifts to the right. h inelastic supply and a shift in demand to the graph. 13. In the long run, the elasticity of demand is right. e. inelastic demand and supply shifts out. d elastic supply and demand shifts in. a greater than in the short run. h smaller than in the short run. c. the same as in the short run. d unrelated to the elasticity in the short run. 20. A significant quantity rise with virtually no change in price would most likely be caused by a highly a elastic demand and supply shifts to the right. h inelastic supply and demand shifts to the 14. The more specifically or nrrowly a good s defined: a the more substitutes it has and therefore the more elastic its demand curve. h the more substitutes it has and therefore the right. c. inelastic demand and supply shifts to the more inelastic its demand curve c. the fewer substitutes it has and therefore the right. d elastic supply and demand shifts to the left. more inelastic its demand curve. d the more unit elastic its demand curve. 21. A significant price decline with virtually no change in quantity would most likely be caused by a highly: a elastic demand and supply shifts to the right. h inelastic supply and demand shifts to the 15. The more a good is a necessity: a the more elastic its demand curve. h the more inelastic its demand curve. e. the more unit elastic its demand curve d the flatter the demand curve. e. inelastic demand and supply shifts out. d elastic supply and demand shifts in. 16. A good whose consumption decreases when income increases is generally called: a. a normal good. b.an inferior good c. a substitute good d a complementary good POTENTIAL ESSAY QUESTIONS You may also see essay questions similar to the "Problem 1. What can cause some products to exhibit Applications "exercises 17. Two goods are substitutes when they: a are goods that are used in conjunction with elastic demand while others have inelastic demand? each other h have negative income elasticities. c. have positive income elasticities. d have positive cross-price elasticities. 2. Why are some businesses interested in trying to determine which consumers have an elastic demand and which have an inelastic demand for the product being sold?

Explanation / Answer

Ans

Was required to answer only 4 parts according to Chegg policy but still answered more. Please like answer

1 unit elastic. Supply rises by as much as price

2 Greater since there is time for adjustment

3 A is right. Corn has many substitutes but food hardly anyone

4 b is right.

5 b. It is its feature

6 D. Greater price of one good Leads to more demand for substitute good

7 b. Then MR will be different

8 c is right. Here demand is vertical line

9 D is right. Here supply is horizontal line.

10 A is right

10,% sure right answers. Please please like answers

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.