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Consider the following statements: Statement I: The availability of close substitutes for a particular good A has no effect on the price elasticity of demand for that good A. Statement II: If a comparatively small proportion of a person’s income is spent on a particular good, the price elasticity of demand for that good is comparatively high (i.e. very elastic). Which of the following is most likely true?
Both statements are incorrect.
Both statements are correct.
Only one statement is correct
Consider the following statements: Statement I: If the price elasticity of demand for a good equals -2.5, an increase in price will result in a decrease in total revenue. Statement II: If a decrease in price leads to an increase in total revenue, the demand for that good is price elastic. Which of the following is most likely true?
Only Statement I is incorrect.
Only Statement II is incorrect.
Both Statements are incorrect.
When a price floor is imposed above the equilibrium market price, which of the following is most likely true?
Price falls while quantity supplied increases
Price rises while quantity demanded falls
Price and quantity supplied both fall
Which of the following statements is most likely true??
The indifference curves for two different consumers cannot intersect.
For a given consumer, the slope of one indifference curve changes along the indifference curve.
Total utility enjoyed by a consumer changes along one given indifference curve.
Peter’s MRSxy is given by 1.5. If Good Y is on the y axis and Good X is on the x axis, the slope of the indifference curve is closest to?
This question addresses the budget constraint: The amount of Good A that a consumer would have to give up in order to consume one more unit of Good B is given by:
The ratio of the price of Good A to Good B
The marginal rate of substitution of Good B for Good A
The ratio of the price of Good B to Good A
Which one of the following statements is correct?
If a monopolist faces the inverse demand function P = 50 - 5Q, which of the following statements is true? I. The equation of the average revenue curve is AR(Q) = 50 – 5Q. II. The marginal revenue curve is twice as steep as the average revenue curve. III. For outputs less than 5, marginal revenue is positive, for outputs more than 5, marginal revenue is negative.
Only the statements I and II are true.
Only the statements II and III are true.
All three statements, I, II, and III are true
Suppose that a monopolist faced demand P = 120 - 4Q and has constant marginal cost MC = 30. If this monopolist engages in first degree price discrimination, total output will equal?