Download The demand for a good or service is determined by

The demand for a good or service
is determined by
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1. those who buy the good
or service.
2. the government.
3. the producers who create
the good or service.
4. those who supply the raw
materials used in the
production of the good or
service.
Suppose scientists provide evidence to the
effect that chocolate pudding increases
cholesterol. We would expect to see
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1. no change in the demand for
chocolate pudding.
2. a decrease in the demand for
chocolate pudding.
3. an increase in the demand for
chocolate pudding.
4. a decrease in the supply of
chocolate pudding.
Kelly and David are both capable of
repairing cars and cooking meals. Which of
the following scenarios is not possible?
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K
1. Kelly has a comparative
advantage in repairing cars and
David has a comparative
advantage in cooking meals.
2. Kelly has an absolute advantage
in repairing cars and David has
an absolute advantage in
cooking meals.
3. Kelly has a comparative
advantage in repairing cars and
in cooking meals.
4. Kelly has an absolute advantage
in repairing cars and in cooking
meals.
If demand is inelastic, then
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3.
ye
2.
buyers do not respond much to a
change in price.
buyers respond substantially to a
change in price, but the
response is very slow.
buyers do not alter their
quantities demanded much in
response to advertising, fads, or
general changes in tastes.
the demand curve is very flat.
bu
1.
According to the graph below, the per-unit burden
of the tax on buyers is
0%
$16.00
0%
0%
$14.00
$8.00
1.
2.
3.
4.
0 of 35
$16.
$14.
$8.
$6.
0%
$6.00
Variable cost divided by quantity produced is
average total cost.
marginal cost.
profit.
None of the above
is correct.
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av
1.
2.
3.
4.
Refer to the figure below. Which of the following areas
represents the deadweight loss due to monopoly pricing?
cf
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db
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R
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1.
2.
3.
4.
0%
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0%
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Triangle bde
Triangle bge
Rectangle acdb
Rectangle cfgd