The demand for which of the following may be more elastic? ( )
A. Eggs
B. Healthcare
C. Rice
D. Mountain Dew
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If the government places a $500 tax on luxury cars, which of the following is true ( )
A. the price paid by consumers will rise by more than $500 as a luxury car likely has an elastic demand
B. the price paid by consumers will rise by less than $500 as a luxury car likely has an elastic demand
C. the price paid by consumers will rise by exactly $500 as a luxury car likely has an perfectly elastic demand
D. the price paid by consumers will rise by exactly $500 as a luxury car likely has an perfectly inelastic supply
If a profit-maximizing, competitive firm is producing a quantity at which marginal cost is below the average variable cost, it will ( )
A. keep producing in the short run but exit the market in the long run
B. shut down in the short run but return to production in the long run.
C. shut down in the short run and exit the market in the long run.
D. keep producing both in the short run and in the long run.
Peanut butter has an upward-sloping supply curve and a downward sloping demand curve. If a 10 cent per pound tax is increased to 15 cents, the government’s tax revenue ( )
A. increases by less than 50 percent and may even decline.
B. increases by exactly 50 percent.
C. increases by more than 50 percent.
D. The answer depends on whether supply or demand is more elastic.
Because consumers can sometimes substitute cheaper goods for those that have risen in price, ( )
A. the CPI overstates inflation.
B. the CPI understates inflation.
C. the GDP deflator overstates inflation.
D. the GDP deflator understates inflation.
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