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. . Total revenue will rise.
B. . Total revenue will fall.
C. . Total revenue will not change.
D. . The effect on total revenue cannot be predicted.
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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. . inelastic.
B. . elastic.
C. . perfectly inelastic.
D. . perfectly elastic.
Which of the following statements is correct?
A. . The demand for luxuries tends to be more elastic than the demand for necessities.
B. . If there are no close substitutes for a good, demand will be very elastic.
C. . The shorter the time period, the more elastic is demand.
D. . How a good’s market is defined has no impact on the good’s elasticity.
Suppose the price of land increases. At the same time, income increases. What would happen to the equilibrium price and quantity of housing?
A. . Equilibrium price will decrease. We cannot predict what will happen to equilibrium quantity.
B. . Equilibrium price will increase. We cannot predict what will happen to equilibrium quantity.
C. . Equilibrium quantity will decrease. We cannot predict what will happen to equilibrium price.
D. . Equilibrium quantity will increase. We cannot predict what will happen to equilibrium price.
A change in which of the following will cause a movement along the supply curve?
A. . a change in the state of technology
B. . a change in taxes
C. . a change in expectations about future prices
D. . a change in the price of the good
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