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ECO 561T Week 2 Practice Knowledge Check
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ECO 561T Week 2 Practice Knowledge Check

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ECO 561T Week 2 Practice Knowledge Check 1)If the price of textbooks increases by one percent and the quantity demanded falls by one-half percent, then the price elasticity of demand is equal to: 2)If 20 percent increase in the price of a good leads to a 60 percent decrease in the quantity demanded, then what is the price elasticity of demand? 3)When the price of NBA tickets is $25 each, 30,000 tickets are sold. After the price rises to $30 each, 20,000 tickets are sold. At the original price, the demand for NBA ticket is: 4)Suppose the company that owns the vending machines on your campus has doubled the price of a can of soda. They then notice that they are selling approximately 15 percent fewer sodas. The price elasticity of demand for sodas from the campus vending machines, therefore, is: 5)Jeans in general have fewer close substitutes than a specific brand of jeans. Therefore, the demand for jeans in general will be _______ than the demand for a specific brand of jeans. 6)All else equal, compared to small-budget items such as paper towels, the price elasticity of demand for big-ticket items such as refrigerators is: 7)Demand tends to be ______ in the short run than in the long run. 8)Assume the price of gasoline doubles tonight and remains at that price for the next two years. Compared with the long-run price elasticity of demand for gasoline, the short-run price elasticity of demand for gasoline will be ______. 9)The accompanying graph depicts demand. The slope of the demand curve (ignoring the negative sign) is: 10)The accompanying graph depicts demand. The price elasticity of demand at point A is: 11)The accompanying graph depicts demand. At point A, demand is: 12)The accompanying graph depicts demand. - The price elasticity of demand at point B is: 13)Refer to the accompanying figure. At P = 8 and Q = 4, D1 is ______ elastic than D2, which is shown graphically as D1 being _____ D2. - 14)If consumers completely cease purchasing a product when its price increases by any amount, then demand is: 15)If the demand curve for open-heart surgery is vertical for people with serious heart conditions, then the demand for open-heart surgery is ______ with respect to price. 16)Adam Smith’s theory of the invisible hand posits the actions of independent, self-interested buyers and sellers will ______ lead to the most efficient allocation of resources. 17)The role that prices play in distributing scarce goods and services to those consumers who value them the most highly is known as the ______ function of price. 18)The role that prices play in directing resources away from overcrowded markets and towards markets that are underserved is known as the ______ function of price. 19)The allocative function of price is to: 20)If the firms in a market are earning an economic profit, then, in the long run, the market ______ curve will shift to the ______. 21)If all firms in a perfectly competitive industry are earning a normal profit, then: 22)In an industry with free entry and exit, positive economic profit: 23)Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive. - 24)In the long run, there will be ______ firms in this market. 25)Which of the following best describes how a perfectly competitive industry would respond to a sudden increase in popularity of the product? The market demand curve would shift to the right, leading to: 26)One assumption of the perfectly competitive model is free entry and exit. This assumption most directly leads to the implication that: 27)The allocative function of price cannot operate unless there is: 28)Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive. - 29)If S3 is the market supply curve, then in the short run, the profit-maximizing level of output for a single firm in this market is ______ gallons per week. 30)Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive. 31)If S3 is the market supply curve, then each firm in this market will earn an economic loss of ______ per week. 32)In a free market economy, the decisions of buyers and sellers are: 33)The supplier of a factor of production has a reservation price of $100. The purchaser of the factor of production has a reservation price of $200. If the factor of production is unique, then:

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