简答题A discovery that increases wheat yields per acre hurts farmers by increasing supply and lowering their total revenues.简答题Demand is inelastic if the price elasticity of demand is greater than 1.简答题Good news for farming can be bad news for farmers because the A、supply curve for an individual farmer is usually perfectly elastic. B、supply curve for an individual farmer is usually perfectly inelastic. C、demand for basic foodstuffs is usually inelastic, meaning that factors that shift supply to the right decrease total revenues to sellers. D、demand for basic foodstuffs is usually elastic, meaning that factors that shift supply to the right increase total revenues to sellers.简答题Price elasticity of demand along a linear, downward-sloping demand curve increases as price falls.简答题An advance in farm technology that results in an increased market supply is A、good for farmers because it raises prices for their products but bad for consumers because it raises prices consumers pay for food. B、bad for farmers because total revenue will fall but good for consumers because prices for food will fall. C、good for farmers because it raises prices for their products and also good for consumers because more output is available for consumption. D、bad for farmers because total revenue will fall and bad for consumers because farmers will raise the price of food to increase their total revenue.简答题The price elasticity of demand measures how much A、quantity demanded responds to a change in price. B、quantity demanded responds to a change in income. C、price responds to a change in demand. D、demand responds to a change in supply.简答题The supply of a good will be more elastic, the A、more the good is considered a luxury. B、broader is the definition of the market for the good. C、larger the number of close substitutes for the good. D、longer the time period being considered.简答题The supply of oil is likely to be A、inelastic in both the short run and long run. B、elastic in both the short run and long run. C、elastic in the short run and inelastic in the long run. D、inelastic in the short run and elastic in the long run.简答题The discovery of a new hybrid wheat would increase the supply of wheat. As a result, wheat farmers would realize an increase in total revenue if the A、supply of wheat is elastic. B、supply of wheat is inelastic. C、demand for wheat is inelastic. D、demand for wheat is elastic.简答题For a particular good, a 2 percent increase in price causes a 12 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good? A、There are no close substitutes for this good. B、The good is a luxury. C、The market for the good is broadly defined. D、The relevant time horizon is short.简答题Suppose that gasoline prices increase dramatically this month. Lola commutes 100 miles to work each weekday. Over the next few months, Lola drives less on the weekends to try to save money. Within the year, she sells her home and purchases one only 10 miles from her place of employment. These examples illustrate the importance of A、the availability of 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 city wants to raise revenues to build a new municipal swimming pool next year. The mayor suggests that the city raise the price of admission to the current municipal pools this year to raise reve-nues. The city manager suggests that the city lower the price of admission to raise revenues. Who is correct? A、The mayor. B、The city manager. C、The answer depends on the price elasticity of demand. D、The answer depends on the costs of construction of the new municipal swimming pool.简答题Between point A and point B, price elasticity of demand is equal to A、0.33. B、0.67. C、1.5. D、2.67.简答题The difference between slope and elasticity is that slope A、is a ratio of two changes, and elasticity is a ratio of two percentage changes. B、is a ratio of two percentage changes, and elasticity is a ratio of two changes. C、measures changes in quantity demanded more accurately than elasticity. D、none of the above; there is no difference between slope and elasticity.简答题Holding all other factors constant and using the midpoint method, if a candy manufacturer increases production by 20 percent when the market price of candy increases from 0.60, then supply is A、inelastic, since the price elasticity of supply is equal to .91. B、inelastic, since the price elasticity of supply is equal to 1.1. C、elastic, since the price elasticity of supply is equal to 0.91. D、elastic, since the price elasticity of supply is equal to 1.1.简答题In the long run, the quantity supplied of most goods A、will increase in almost all cases, regardless of what happens to price. B、cannot respond at all to a change in price. C、can respond to a change in price, but the change is almost always inconsequential. D、can respond substantially to a change in price.简答题If the price elasticity of demand for a good is 4.0, then a 10 percent increase in price results in a A、0.4 percent decrease in the quantity demanded. B、2.5 percent decrease in the quantity demanded. C、4 percent decrease in the quantity demanded. D、40 percent decrease in the quantity demanded.简答题Some firms eventually experience problems with their capacity to produce output as their output levels increase. For these firms, A、market power is substantial. B、supply is perfectly inelastic. C、supply is more elastic at low levels of output and less elastic at high levels of output. D、supply is less elastic at low levels of output and more elastic at high levels of output.简答题Using the midpoint method, what is the price elasticity of supply between 40? A、0.125. B、0.86. C、1.0. D、2.5.简答题As we move downward and to the right along a linear, downward-sloping demand curve, A、both slope and elasticity remain constant. B、slope changes but elasticity remains constant. C、both slope and elasticity change. D、slope remains constant but elasticity changes.