Title 3) Suppose that the percentage change in demand is 10%, the price elasticity of supply is 2, and the Description 3) Suppose that the percentage change in demand is 10%, the price elasticity of supply is 2, and the percentage change in the equilibrium price is 3.33%. What is the price elasticity of demand? A) 0 B) 1 C) 2 D) 3 4) Suppose that the percentage change in demand is 20%, the price elasticity of demand is 3, and the price elasticity of supply is 2. What is the percentage change in the equilibrium price? A) 4% B) 5% C) 15% D) 20% 5) Suppose that the percentage change in demand is 20%, the price elasticity of demand is 3, and the percentage change in the equilibrium price is 4%. What is the price elasticity of supply? A) 0 B) 2 C) 4 D) 5 6) Suppose that the percentage change in demand is 20%, the price elasticity of supply is 2, and the percentage change in the equilibrium price is 4%. What is the price elasticity of demand? A) 0 B) 1 C) 2 D) 3 7) Suppose that the percentage change in supply is 20%, the price elasticity of demand is 3, and the price elasticity of supply is 2. What is the percentage change in the equilibrium price? A) 4% B) 5% C) 15% D) 20% 8) Suppose that the percentage change in supply is 20%, the price elasticity of supply is 2, and the percentage change in the equilibrium price is 4%. What is the price elasticity of demand? A) 0 B) 1 C) 2 D) 3 9) An increase in demand will cause a relatively small increase in price when A) the increase in demand is small. B) demand is highly elastic. C) supply is highly elastic. D) all of the above 10) An increase in demand will cause a relatively small increase in price when A) the increase in demand is large. B) demand is highly inelastic. C) supply is highly elastic. D) all of the above 11) An increase in demand will cause a relatively small increase in price when A) the increase in demand is large. B) demand is highly elastic. C) supply is highly inelastic. D) all of the above 12) Suppose that the percentage change in demand is 10%, the price elasticity of demand is 1, and the percentage change in the equilibrium price is 3.33%. What is the price elasticity of supply? A) 0 B) 1 C) 2 D) 3
3)
Suppose that the percentage change in demand is 10%, the price elasticity of
supply is 2, and the percentage change in the
is the
A)
0
B)
1
C)
2
D)
3
4)
Suppose that the percentage change in demand is 20%, the price elasticity of
demand is 3, and the price elasticity of supply is 2. What is the percentage
change in the equilibrium price?
A)
4%
B)
5%
C)
15%
D)
20%
5)
Suppose that the percentage change in demand is 20%, the price elasticity of
demand is 3, and the percentage change in the equilibrium price is 4%. What is
the price elasticity of supply?
A)
0
B)
2
C)
4
D)
5
6)
Suppose that the percentage change in demand is 20%, the price elasticity of
supply is 2, and the percentage change in the equilibrium price is 4%. What is
the price elasticity of demand?
A)
0
B)
1
C)
2
D)
3
7)
Suppose that the percentage change in supply is 20%, the price elasticity of
demand is 3, and the price elasticity of supply is 2. What is the percentage
change in the equilibrium price?
A)
4%
B)
5%
C)
15%
D)
20%
8)
Suppose that the percentage change in supply is 20%, the price elasticity of
supply is 2, and the percentage change in the equilibrium price is 4%. What is
the price elasticity of demand?
A)
0
B)
1
C)
2
D)
3
9)
An increase in demand will cause a relatively small increase in price when
A)
the increase in demand is small.
B)
demand is highly elastic.
C)
supply is highly elastic.
D)
all of the above
10)
An increase in demand will cause a relatively small increase in price when
A)
the increase in demand is large.
B)
demand is highly inelastic.
C)
supply is highly elastic.
D)
all of the above
11)
An increase in demand will cause a relatively small increase in price when
A)
the increase in demand is large.
B)
demand is highly elastic.
C)
supply is highly inelastic.
D)
all of the above
12)
Suppose that the percentage change in demand is 10%, the price elasticity of
demand is 1, and the percentage change in the equilibrium price is 3.33%. What
is the price elasticity of supply?
A)
0
B)
1
C)
2
D)
3
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
