QUESTION 1 Figure 10 Trice 6. 4. 3 1 10 20 30 40 30 60 70 80 eaantity Refer to Figure. A price floor of $ 8 in this market would result in O a. the quantity of the good demanded decreases by 10 units. Ob.the quantity of the good demanded increases by 10 units. Oc. the quantity of the good demanded decreases by 30 units. d. the buyer's total expenditure to decrease by $20. QUESTION 2 Price controls O a. helps only buyers. O b. helps only sellers. Oc can help both buyers and sellers. O d. helps neither buyers or sellers.

Table 1B: Price Quantity Before: $5.00 30 After: $4.00 40 Refer to Table 1B. Price Elasticity of Demand is about O 1.657 O No answer text provided. O 1.667 O No answer text provided.

Price (Dollars) 12 10 8 2 0 0 O 0.5 01 O 1.25 02 5 offer 4,10 8,8 10 ma Assessments Torro. Demand for Product Z 16,6 20 15 Quantity (Pounds) 25 What is the price elasticity of demand when price increases from $8 to $10? O 0.4 24,4 ✓ Gradebook 30 30,2 35 Email 25 Tools -

2. If the coefficient of price elasticity of demand for a good is equal to 0.6 then a 10 percent increase in price results in a decrease in the quantity demanded of the good. А. 60 percent B 40 percent С. 16.67 percent D 6.0 percent E. 0.6 percent

25. Perfectly inelasti demand means that consumers: are willing to buy any quantity of the good at a given price, but higher price b. decrease thcir consumption as price rises C. increase thcir consumption as price rises O will buy a ce:tain quantity, regardless of price

E3

How is the price elasticity of demand measured? The price elasticity of demand is measured as A. the percentage change in the quantity supplied divided by the percentage change in the quantity demanded. B. the change in the quantity demanded divided by the change in price. c. the slope of the demand curve. D. the percentage change in the quantity demanded divided by the percentage change in price. O E. the quantity demanded divided by price. O O O O

QUESTION 5 When demand is inelastic, a decrease in price will cause: O a. A decrease in quantity demanded but no change in total revenue O b. An increase in total revenue O c. An increase in quantity demanded and an increase in total revenue O d. A decrease in total revenue