Which of the following statements is correct?
A. a. The demand for luxuries tends to be more elastic than the demand for necessities.
B. b. If there are no close substitutes for a good, demand will be very elastic.
C. c. The shorter the time period, the more elastic is demand.
D. d. How a good’s market is defined has no impact on the good’s elasticity.
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If the quantity of movie tickets sold decreases by 20 percent when the price increases by 10 percent, demand over this price range is:
A. a. inelastic.
B. b. elastic.
C. c. perfectly inelastic.
D. d. perfectly elastic.
Given that the demand for cocaine is inelastic, how will a reduction in supply affect total revenue of those selling this drug (other things equal)?
A. a. Total revenue will rise.
B. b. Total revenue will fall.
C. c. Total revenue will not change.
D. d. The effect on total revenue cannot be predicted.
The local movie theater lowers admission prices in an attempt to increase its revenues. The managers of the theater must believe demand to be
A. a. unit price elastic.
B. b. perfectly price inelastic.
C. c. price elastic.
D. d. price inelastic.
The income elasticity of demand for good X is estimated to be -0.5. This suggests that good X is
A. a. a complementary good.
B. b. a substitute good.
C. c. a normal good.
D. d. an inferior good.
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