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    61) The figure shows the demand curve for popsicles. The

Question :     61) The figure shows the demand curve for popsicles. The : 1844675

 

 

61) The figure shows the demand curve for popsicles. The price elasticity of demand when the price of a popsicle increases from $0.30 to $0.50 is ________.

A) 0

B) 1

C) 1/2

D) 2

 

 

62) The figure illustrates the demand for hamburgers. When the price is $1.00 a hamburger, the elasticity of demand is ________ and a 1 percent increase in the price will ________ the quantity of hamburgers demanded by ________ percent.

A) 1.00; decrease; 0.40

B) 0.40; decrease; 0.40

C) 2.50; increase; 2.50

D) 5.00; decrease; 5.00

63) The price elasticity of demand can range between

A) zero and one.

B) negative infinity and infinity.

C) zero and infinity.

D) negative one and one.

64) If the quantity demanded changes by a relatively small amount for a given change in price, then demand is

A) perfectly inelastic.

B) perfectly elastic.

C) elastic.

D) inelastic.

65) If the price elasticity is between 0 and 1, demand is

A) elastic.

B) inelastic.

C) unit elastic.

D) perfectly elastic.

66) Demand is inelastic if

A) a large change in quantity demanded results in a small change in price.

B) the quantity demanded is very responsive to changes in price.

C) the price elasticity of demand is less than 1.

D) the price elasticity of demand is greater than 1.

67) When the percentage change in quantity demanded is less than the percentage change in price, the demand for the good is ________.

A) inelastic

B) unit elastic

C) perfectly inelastic

D) elastic

68) If a 20 percent increase in the price of a used car results in a 10 percent decrease in the quantity of used cars demanded, then the demand for used cars is

A) elastic.

B) inelastic.

C) unit elastic.

D) arc elastic.

69) Demand is price inelastic if a relatively ________ price increase leads to a relatively ________ in the quantity demanded.

A) large; small increase

B) small; large decrease

C) large; small decrease

D) small; large increase

70) If a consumer is relatively insensitive to changes in the price of a good, then the consumer's demand for the good is

A) elastic.

B) unit elastic.

C) inelastic.

D) perfectly elastic.

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