If the price of one dozen eggs increases from $1.60 to $2.00, quantity demanded will decrease from 600 to 400. The elasticity of demand for eggs (using the mid-point formula) is
A. a. 0.8.
B. b. 1.8.
C. c. 11.26.
D. d. 1.9.
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The cross-price elasticity of Toyotas and Nissans is a positive number. This would indicate that Toyotas and Nissans are
A. a. substitutes.
B. b. complements.
C. c. luxuries.
D. d. Necessities.
A shortage will occur if
A. a. a price ceiling is set above the equilibrium price.
B. b. a price ceiling is set below the equilibrium price.
C. c. a price floor is set above the equilibrium price.
D. d. a price floor is set below the equilibrium price.
If the government establishes a legal price floor for a good, the result will be a(n):
A. a. shortage of the good, but only if the floor is equal to the equilibrium price.
B. b. surplus of the good, but only if the floor is above the equilibrium price.
C. c. surplus of the good, but only if the floor is below the equilibrium price.
D. d. shortage of the good, but only if the floor is above the equilibrium price.
If a price ceiling above the equilibrium price is imposed on gasoline, which of the following will result?
A. a. There will be a surplus of gasoline.
B. b. The quantity demanded will exceed the quantity supplied.
C. c. The quantity supplied will exceed the quantity demanded.
D. d. The quantity of gasoline demanded will equal the quantity of gasoline supplied.
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