5:37 PM Sun Jul 30 .1 5GW @ 21% Take Quiz Exit D Question 12 1 pts Questions 8-13 test your understanding of the (price) elasticity of demand. 12. Consider the case of a good for which the absolute value of the (price) elasticity of demand is GREATER THAN ONE. A fall in the price would cause OA total revenue to rise and marginal revenue would be greater than zero. OB total revenue to fall and marginal revenue would be less than zero. D Question 13 1 pts Questions 8-13 test your understanding of the (price) elasticity of demand. 13. Consider the case of a good for which the absolute value of the (price) elasticity of demand is LESS THAN ONE. A fall in the price would cause O B total revenue to fall and marginal revenue would be less than zero. O A total revenue to rise and marginal revenue would be greater than zero.5:37 PM Sun Jul 30 .1 5GW @ 21% Take Quiz Exit D Question 14 1 pts Questions 14-16 test your understanding of the (price) elasticity of supply. 14. The LONGER the time period under consideration, OA the less responsive is the quantity supplied of a good to a change in its price. O B the more responsive is the quantity supplied of a good to a change in its price. D Question 15 1 pts Questions 14-16 test your understanding of the (price) elasticity of supply. 15. The SMALLER the share of the market for inputs, O B the more responsive is the quantity supplied of a good to a change in its price. O A the less responsive is the quantity supplied of a good to a change in its price. D Question 16 1 pts5:37 PM Sun Jul 30 .1 5GW @ 21% Take Quiz Exit D Question 16 1 pts Questions 14-16 test your understanding of the (price) elasticity of supply. 16. Compare the supply of purified water with the supply of untreated water. Economists would expect that the supply of purified water would be OA less responsive to a change in price than the supply of untreated water. OB more responsive to a change in price than the supply of untreated water. D Question 17 1 pts Questions 17-20. You may use a calculator to help you answer these questions. Questions 17-20. You should use the data below for these questions. Price ($) Total revenue ($) Marginal revenue per Quantity demanded unit ($) 6 50 N/A 2 100 ? ? (I recommend that you calculate the three values where the question marks appear.)5:37 PM Sun Jul 30 .1 5GW @ 21% Take Quiz Exit D Question 18 1 pts Questions 17-20. You may use a calculator to help you answer these questions. Questions 17-20. You should use the data below for these questions. Price ($) Quantity demanded Total revenue ($) Marginal revenue per unit ($) 6 50 ? N/A 2 100 ? (I recommend that you calculate the three values where the question marks appear.) 18. The absolute value of the (price) elasticity of demand calculated for a RISE in price from $2 to $6 is OC 1 OA