Figure 3.4 illustrates the demand for tacos. An increase in the number of consumers in the market would bring about a movement from:
A. point a to point b.
B. point c to point a.
C. D2 to D1.
D. D0 to D2.
Answer: D
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We calculate the price elasticity of demand as the
A) ratio of the percentage change in the quantity demanded to the percentage change in price. B) change in quantity divided by the change in price. C) ratio of the percentage change in the price to the percentage change in quantity. D) percentage change in the quantity demanded divided by the percentage change in income. E) equilibrium quantity divided by the equilibrium price.
Consumers who ________ will be more likely to buy goods in outlet malls at a lower price, while consumers who ________ will be more willing to pay full price in regular stores
A) are more price-sensitive; are less price-sensitive B) are less price-sensitive; are more price-sensitive C) have high levels of wealth; have low levels of wealth D) are more status-conscious; are less status-conscious
In the long run, firms in markets that are ________ earn zero economic profits
A) perfectly competitive B) monopolistically competitive C) monopolies D) Both A and B
If working people in the economy become wealthier,
a. the supply curve of labor will shift to the right b. the demand curve for labor will shift to the right c. the demand curve for labor will shift to the left d. some people may choose to work longer hours e. some people may choose more leisure and fewer work hours