简答题The case of perfectly elastic demand is illustrated by a demand curve that is A、vertical. B、horizontal. C、downward-sloping but relatively steep. D、downward-sloping but relatively flat.简答题The income elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in income.简答题Which of the following is not a determinant of the price elasticity of demand for a good? A、The time horizon. B、The steepness or flatness of the supply curve for the good. C、The definition of the market for the good. D、The availability of substitutes for the good.简答题Suppose that Jane enjoys Diet Coke so much that she consumes one can every day. Although she enjoys seafood, she consumes it occasionally. If the price of Diet Coke rises, Jane decreases her consumption by only a very small amount. But if the price of seafood rises, Jane decreases her consumption by a lot. These examples illustrate the importance of A、the availability of close substitutes in determining the price elasticity of demand. B、a necessity versus a luxury in determining the price elasticity of demand. C、the definition of a market in determining the price elasticity of demand. D、the time horizon in determining the price elasticity of demand.简答题A decrease in supply will cause the largest increase in price when A、both supply and demand are inelastic. B、both supply and demand are elastic. C、demand is elastic and supply is inelastic. D、demand is inelastic and supply is elastic.简答题The smaller the price elasticity of demand, the A、steeper the demand curve will be through a given point. B、flatter the demand curve will be through a given point. C、more strongly buyers respond to a change in price between any two prices P1 and P2. D、smaller the decrease in equilibrium price when the supply curve shifts rightward from S1 to S2.简答题The demand for soap is more elastic than the demand for Dove soap.简答题Zhang Ming says that he would buy and eat an apple every day regardless of the price. If he is telling the truth, his A、demand for apple is perfectly inelastic. B、price elasticity of demand for apple is 1. C、income elasticity of demand for apple is 0. D、None of the above answers is correct.简答题Which of the following is likely to have the most price elastic demand? A、Clothing. B、Blue jeans. C、Levis jeans. D、All three would have the same elasticity of demand because they are all related.简答题The greater the price elasticity of demand, the A、more likely the product is a necessity. B、smaller the responsiveness of quantity demanded to a change in price. C、greater the percentage change in price over the percentage change in quantity demanded. D、greater the responsiveness of quantity demanded to a change in price.简答题Suppose that two supply curves pass through the same point. One is steep, and the other is flat. Which of the following statements is correct? A、The flatter supply curve represents a supply that is inelastic relative to the supply represented by the steeper supply curve. B、The steeper supply curve represents a supply that is inelastic relative to the supply represented by the flatter supply curve. C、Given two prices with which to calculate the price elasticity of supply, that elasticity would be the same for both curves. D、A decrease in demand will increase total revenue if the steeper supply curve is relevant, while a decrease in demand will decrease total revenue if the flatter supply cure is relevant.简答题The flatter the demand curve that passes through a given point, the more inelastic the demand.简答题Suppose that Zhang Wei is filling out a survey that he received in the mail. The survey asks him what he would do if the price of his favorite toothpaste increased. Zhang Wei reports that he would switch to a different brand. The survey asks what he would do if the price of all toothpastes increased. Zhang Wei reports that he must use toothpaste, so he would have to adjust his spending elsewhere. These examples illustrate the importance of A、changes in total revenue in determining the price elasticity of demand. B、a necessity versus a luxury in determining the price elasticity of demand. C、the definition of a market in determining the price elasticity of demand. D、the time horizon in determining the price elasticity of demand.简答题Along which of these segments of the supply curve is supply least elastic? A、GH. B、CD. C、AC. D、AB.简答题The price elasticity of supply measures how responsive A、sellers are to a change in price. B、sellers are to a change in buyers 'income. C、buyers are to a change in production costs. D、equilibrium price is to a change in supply.简答题If soybean farmers know that the demand for soybeans is price inelastic, in order to increase their total revenues they should A、use more fertilizers and weed killers to increase their yields. B、plant additional acres to increase their output. C、reduce the number of acres they plant to decrease their output. D、Both a and b are correct.简答题A person who takes a prescription drug to control high cholesterol most likely has a demand for that drug that is A、inelastic. B、unit elastic. C、elastic. D、highly responsive to changes in income.简答题If the price elasticity of supply is 1.5, and a price increase led to a 1.8% increase in quantity supplied, then the price increase is about A、0.67%. B、0.83%. C、1.20%. D、2.70%.简答题The following table shows a portion of the demand schedule for a particular good at various levels of income. Using the midpoint method, at a price of 7,500 to $10,000? A、0.00. B、0.41. C、1.00. D、2.45.简答题The demand for gasoline will respond more to a change in price over a period of five weeks than over a period of five years.