If as suggested in the article, the proceeds of the tax are used to fund an anti-smoking campaign and the campaign is successful.

If gas prices rose from $3 to $4 a gallon and gasoline consumption decreased by 10% Group of answer choices demand for gasoline is elastic. demand for gasoline is inelastic. total expenditures on gasoline would fall.

If the quantity of concert tickets sold decreases by 10 percent when the price increases by 5percent, this market is operating in which section of its downward-sloping straight-linedemand curve? Group of answer choices This market shows elastic demand which could occur at any point along the demand curve. the section below the point of unit elasticity the point equal to unit elasticity the section above the point of unit elasticity

Suppose a movie theater determines that the elasticity of demand for movie tickets is -2.0 for senior citizens and –1.5 for adults under age 65, and the marginal cost is $2 per consumer.  Use the Lerner index to determine how much senior citizens should be charged and how much adults under age 65 should be charged. A different movie theater, which faces the same marginal costs, charges consumers $6 for matinee movies and $10 for evening movies.  Use the Lerner Index to calculate the price elasticity of demand for matinee consumers and evening consumers.

The greater the price elasticity of demand the     More likely the product is a necessity     Smaller the responsiveness of quantity demanded to price     Greater the percentage change in price over the percentage change in quantity demanded     Greater the responsiveness of quantity demanded to price     Smaller the quantity supplied as a response to pric