If Marietta College theatre department Increases ticket prices for Its performan

Question

 

If Marietta College theatre department Increases ticket prices for Its performances and we observe that total ticket revenue decreases, we can conclude that: performances are price elastic. performances are price inelastic performances are unitary price elastic. performances are an Inferior good. performances are a normal good. When the price of milk rose 50% the quantity of milk sold fell 25% and the sale of breakfast cereal also fell 25 %. This set of facts indicates that: the demand for milk is price elastic. the demand for breakfast cereals is price elastic. the cross price elasticity between milk and cereal is negative so the two are complements. the cross price elasticity between milk and cereal Is positive so the two are complements. none of the above A price floor will cause a larger surplus when demand is_____ and supply is____. elastic; inelastic inelastic; inelastic elastic: elastic perfectly inelastic; elastic none of the above The price elasticity of supply will depend on X The availability of factors of production The Incomes of consumers The extent to which the product is advertised Whether the product is a luxury or a necessity none of the above The price of lasagna Increases by 20% and as a result the demand for red wine falls by 5%. we can conclude from this information that The two goods are weak substitutes The two goods are close complements X The two goods are weak complements The two goods are substitutes none of the above Good X is an inferior good. A rise in consumers' income is likely to lead to: A fall in demand and an increase in market price and quantity sold A fall In demand and a fall in market price and quantity sold A rise in demand and an increase in market price and quantity sold An expansion of market supply following an increase in demand none of the above

Explanation / Answer

24. Performances are a normal good.

25. The cross price elasticity between milk and cereal are is positive so the two are complements.

26. Elastic, inelastic

27. X The availability of factors of production

28. The two goods are weak substitutes

29. A fall in demand and an increase in market price and quantity sold

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