Quiz 2: Elasticity, entrepreneurship, and trade

Question 11 pts
When entrepreneurs engage in arbitrage they disequilibrate markets.
Group of answer choices

True

False

Flag question: Question 2

Question 21 pts
When entrepreneurs bring an innovation to market they disequilibrate markets.
Group of answer choices

True

False

Flag question: Question 3

Question 31 pts
The number of substitutes determines the elasticity of the demand curve.
Group of answer choices

True

False

Flag question: Question 4

Question 41 pts
The demand curve is more elastic over the long-run, than in the short-run.
Group of answer choices

True

False

Flag question: Question 5

Question 51 pts
The demand curve for granny apples is more elastic than the demand curve for all apples.
Group of answer choices

True

False

Flag question: Question 6

Question 61 pts
The demand curve for water is more elastic than the demand curve for diamonds.
Group of answer choices

True

False

Flag question: Question 7

Question 71 pts
The demand curve for packages of 1000 apples is more inelastic than the demand curve for packages of 5 apples.
Group of answer choices

True

False

Flag question: Question 8

Question 81 pts
At the initial price of 20$, the quantity is 100. When the price rises to 30$, the quantity demanded falls to 90.  What is the elasticity?

Flag question: Question 9

Question 91 pts
At the initial price of 20$, the quantity is 100. When the price rises to 30$, the quantity demanded falls to 90.  Is the demand curve inelastic or elastic?
Group of answer choices

No answer (error)

elastic

inelastic

unit elastic

Flag question: Question 10

Question 101 pts
With an inelastic demand curve, a small decrease in Q will result in a large increase in P and an increase in Revenue.
Group of answer choices

True

False

Flag question: Question 11

Question 111 pts
With an elastic demand curve, a large decrease in Q will result in a small increase in P and a decrease in revenue.
Group of answer choices

True

False

Flag question: Question 12

Question 121 pts
In order to increase car production, car companies will have pay a lot more per unit of steel. Therefore the supply curve for cars is
Group of answer choices

unit elastic

inelastic

elastic

perfectly inelastic

Flag question: Question 13

Question 131 pts
The price of oil drops 90$, but oil refineries cannot shut down or lessen production in the short-run lest they damage their equipment.  They will have to slowly lessen production. The supply curve for oil is
Group of answer choices

inelastic

elastic

unit elastic

perfectly elastic

Flag question: Question 14

Question 141 pts
The supply curve of oil in the world is more _________ than the supply curve of oil for Belmont NC.
Group of answer choices

inelastic

elastic

down-ward sloping

unit-elastic

Flag question: Question 15

Question 151 pts
At an initial price of 50$, the quantity supplied is 100 units.  Then the price moves to 110$ and quantity supplied is 110 units.

Flag question: Question 16

Question 161 pts
At an initial price of 50$, the quantity supplied is 100 units.  Then the price moves to 110$ and quantity supplied is 110 units. Is the supply curve inelastic or elastic?
Group of answer choices

Error

elastic

Inelastic

Unit elastic

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