Quiz 2: Elasticity, entrepreneurship, and trade
Question 11 pts
When entrepreneurs engage in arbitrage they disequilibrate markets.
Flag question: Question 2
Question 21 pts
When entrepreneurs bring an innovation to market they disequilibrate markets.
Flag question: Question 3
Question 31 pts
The number of substitutes determines the elasticity of the demand curve.
Flag question: Question 4
Question 41 pts
The demand curve is more elastic over the long-run, than in the short-run.
Flag question: Question 5
Question 51 pts
The demand curve for granny apples is more elastic than the demand curve for all apples.
Flag question: Question 6
Question 61 pts
The demand curve for water is more elastic than the demand curve for diamonds.
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.
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?
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.
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.
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
Flag question: Question 13
Question 131 pts
The price of oil drops 90$, but oil refineries cannot shut down or lessen production in the short-run lest they damage their equipment. They will have to slowly lessen production. The supply curve for oil is
Flag question: Question 14
Question 141 pts
The supply curve of oil in the world is more _________ than the supply curve of oil for Belmont NC.
Flag question: Question 15
Question 151 pts
At an initial price of 50$, 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?