Reference no: EM131377223
1. A simultaneous increase in both the demand for computers and the supply of computers must increase the number of computers bought and sold
the number of computers bought and sold
the price of computers
both the equilibrium price and quantity of computers
the shortage of computers in the market
2. Suppose we observe that the price of gasoline has been rising, and the quantity of gasoline sold has also been rising. We can conclude that
the law of supply does not hold for gasoline
the law of demand does not hold for gasoline
the demand for gasoline must have risen
the supply of gasoline must have fallen
3. The price elasticity of demand for a good is -0.40. By how much must the price of the good decrease in order for the number of units sold to rise by 12%?
3%
4.8%
12.4%
30%
4. Under which of the following circumstances will the seller pay the whole of a per-unit tax?
when the supply curve is vertical
when the demand curve is vertical
when the tax is collected from the buyer
when the tax is imposed on the buyer
5. When a simple monopolist – no price discrimination – chooses to sell an additional unit of a good or service.
marginal revenue will be equal to the going market price
marginal revenue will always be negative
it will have to lower its price on the additional unit and on all other units
it will only have to lower its price on the additional unit.
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