Cross-price elasticity of demand measures: Select one: a. the responsiveness of

Question

Cross-price elasticity of demand measures:

Select one:

a. the responsiveness of quantity supplied to a change in price of an input

b. consumer responsiveness to a change in price of the good being purchased

c. producer responsiveness to a change in income

d. consumer responsiveness to a change in price of a related goo

Which of the following does NOT affect the demand for labor?

Select one:

a. Price of other inputs

b. Technological improvements in production

c. Changes in unemployment benefits

d. Demand for the good produced

If the income elasticity of demand is equal to 1.43, it can be concluded that the good is:

Select one:

a. elastic

b. inelastic

c. normal

d. inferior

If the price of a good rises and the quantity purchased falls by a smaller proportionate amount, we say:

Select one:

a. Demand is elastic

b. Demand is inelastic

c. The firm should lower prices to increase revenue

d. The law of demand has been violated

If average total costs at 51 units of output are greater than average total costs at 50 units of output, then which of the following is NOT true?

Select one:

a. average variable costs are increasing at 50 units

b. marginal costs are increasing at 50 units

c. average fixed costs are increasing at 50 units

d. marginal costs are greater than average total costs at 50 units

Explanation / Answer

Q1. Answer is d. Consumer responsiveness to a change in price of related goods. Q2. Answer is a. Price of other inputs. Q3. Answer is C. Normal. Q4. Answer is b. Demand is inelastic. Q5. Answer is d. Marginal cost are greater than average variable cost of 50 units

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