3.Refer to the accompanying table. The price elasticity of demand of erasers is

Question

3.Refer to the accompanying table. The price elasticity of demand of erasers is          when the price is lowered from $1.50 to 1.00. Sellers of erasers will their total revenue from this price.

a. perfectly elastic; not change

b. elastic; raise

c. Inelastic; raise

d. Inelastic; lower

e. elastic; lower

5.Refer to the following figure to answer the question

In the figure, point A is

a. an inefficient point

b. an efficient point

c. the equilibrium

d. unattainable with current resources

e. the point where society would prefer to consume

e. increase in supply from Q1 to Q2 .

7.Given the production possibilities frontier (PPF) shown in the figure

Given current resources and technology the attainable range is best described as:

a. only area o: points outside the PPF

b. Area o: points outside the PPF and points on the PPF

c. Area I: points inside the PPF and points on the PPF

d. points on the PPF only

e. only area I: points inside the PPF

Explanation / Answer

Ans:

3) b. elastic; raise

5) a. an inefficient point

6) b. decrease in quantity supplied from Q1 to Q2.

7) d. points on the PPF only

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