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oters V, Micro) Question 5 (1 point) 3 Listen FIGURE 5.3 Chart of Demand Elasticity 6 9 12 we artaray Refer to Figure 5.3. Demand "B" represents a demand curve that is 15 O 1) perfectly inelastic 18 O 2) perfectly elastic 21 ( 3) relatively inelastic ( 4) relatively elasticQuestion 6 (1 point) () Listen FIGURE 3.9 RICE 6 SHIFT 1 SHIFT 3 9 - D1 12 QUANTITY Refer to the Figure 3.9. Which shift represents a rise in minimum wage on the market for fast food? 15 O 1) shift 1 18 ( 2) no shift 21 ( 3 ) shift 2 ( 4) shift 3"odule Z: Chapters 3, 5 Micro) Listen 3 FIGURE S.3 9 12 Refer to Figure 5.3. A yoga studio is faced with demand C. To raise total revenue, what should the studio do? 15 ( 1) The studio should not change the price of its membership. 18 O 2) The studio should raise the price of its membership. 21 ( 3) The studio should increase its number of membership. ( 4) The studio should lower the price of its membership.3 Question 10 (1 point) () Listen 6 Figure 3.5 QUANTITY 12 Refer to Figure 3.5. Using the graph above and beginning on D1, a shift to D2 would indicate a(n) 15 O 1) Decrease in price of a substitute good. 18 O 2) Increase in income and the good is inferior. 21 3) Decrease in price of a complementary good. 4) Decrease in income and the good is normal. Question 11 (1 point)Question 12 (1 point) () Listen 3 FIGURE 3.3 PRICE 9 QUANTITY See Figure 3.3. What would happen if the price is set below A? 12 O 1) Surplus and the price would fall 15 O 2) Surplus and the price would rise 18 O 3) Shortage and the price would fall 21 ( 4) Shortage and the price would rise3 Question 17 (1 point) ()Listen 6 FIGURE 3.3 PRICE 9 12 QUANTITY See Figure 3.3. What would happen if the price is sel above A? 15 1) Shortage and the price would rise 18 O 2) Surplus and the price would fall 20 21 3) Shortage and the price would fall 4) Surplus and the price would rise 2,009 Xchapters 3, 5 Micro) Question 19 (1 point) () Listen FIGURE 3.3 PRICE QUANTITY See Figure 3.3. What does A represent? O 1) the equilibrium demand O 2) the equilibrium supply 3) the market price 4) the equilibrium price Question 20 (1 point)X Listen 3 Figure 5-4 PRICE PRICE 6 SA 20 20 - 9 10 10 80 160 10 20 12 QUANTITY QUANTITY GRAPH A GRAPH B Refer to Figure 5-4. With reference to Graph A, if the price rises from $10 to $20, 15 total revenue for the firm would rise by 18 O 1) $400 2) $1600 21 ( 3) $2000 4) zero HOON 2.009 SEP tv 30Question 32 (12 points) )Listen Suppose that the demand-supply model is applicable to the Canadian beef market. In the first blank, indicate the effect upon demand or supply and in the second, whether price and quantity would rise (1) or fall (1). a) A popular singer remarks that red meat in the diet may be a contributory factor in heart and circulatory diseases. 12 b) The United Stated government places an embargo on the Importation of beef from Canada claiming the Canadian beef industry is unfairly subsidized by provincial 15 governments. 18 c) The price of livestock feed grains falls sharply due to a record harvest. 21 d) A new growth hormone that will increase the weight of beef cattle by 20% with the same feed intake is discovered by Agriculture Canada