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Elasticity

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Quick recall · 15 cards
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An increase in the price of a product will reduce the amount of it purchased because:
C · consumers will substitute other products for the one whose price has risen.
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Which of the following would not shift the demand curve for beef?
B · an increase in the price of beef.
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When supply falls, what happens to quantity demanded in equilibrium?
C · A change in supply has no effect on quantity demanded
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Assume that sofas and arm chairs are substitute goods. Refer to the diagram below for the demand curve for sofas. What would cause the demand curve to shift right?
B · Increase in price of armchairs
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In a graph of the market for bus rides (an inferior good), if consumer incomes rise, what happens to the demand curve?
A · The demand curve shifts to the left
Bus rides are inferior goods; rising incomes reduce demand, shifting the demand curve left. Supply shifts unrelated to income.
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A consumer reaches the point of equilibrium when:
C · (c) MRSxy = Px/Py
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A consumer will start buying less of good-X and more of Good-Y, when:
D · (d) MUx/Px > MUy/Py
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The value of rupee to consumer is called:
A · (a) Marginal utility
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Consumers’ preferences are described by:
A · A) what a person likes and dislikes.
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Which of the following is not a type of market structure? A. Competitive monopoly B. Oligopoly C. Perfect competition D. All of the above are types of market structures.
A · Competitive monopoly
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It is the obstacles to entering market which includes government regulations, size, resources and technology. A. Price maker B. Barriers to entry C. Price taker D. Regulations
B · Barriers to entry
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A market structure in which the seller is the price maker. A. Perfect Competition B. Monopolistic Competition C. Oligopoly D. Monopoly
D · Monopoly
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Marginal revenue is equal to price for which one of the following types of market structure?
B · b. Perfect competition
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One important difference between monopoly and monopolistic competition is:
A · A) point there are no barriers to entry in monopolistic competition.
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In a perfectly competitive market, the firm's marginal revenue is equal to:
B · B) Price

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