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D Question 31 D 2 pts Question 21 The income elasticity of demand for avocados has been estimated to be 0.132. If income falls by 17 percent, what When a binding price ceiling is put in place will happen to the demand for avocados? O there will be a surplus in the market O demand will increase by 2.2% O the quality of the product is likely to increase O' the quantity demanded will increase by 17% O the quantity supplied will increase and the quantity demanded will decrease demand will decrease by 2.2% the quantity supplied will decrease and the quantity demanded will increase demand will decrease by more than 17% Question 23 D Question 32 2 pts If a binding price floor is removed, then the price received by sellers will If the quantity demanded of candy bars decreases by 30% when the price increases by 10%, demand is increase and the quantity sold in the market will increase. elastic and the slope of the demand curve is relatively flat O increase and the quantity sold in the market will decrease. elastic and the slope of the demand curve is relatively steep decrease and the quantity sold in the market will increase. inelastic and the slope of the demand curve is relatively flat decrease and the quantity sold in the market will decrease. D inelastic and the slope of the demand curve is relatively steep Question 33 2 pts Question 27 2 pts When the price of a can of olives is $1.50, the quantity demanded is 900 cans per month. When the price increases to $1.80, the quantity demanded decreases to 850. Using the midpoint method, the price elasticity of Which of the following is true when demand is inelastic? demand (in absolute value) is 0 5.7 Total revenue increases when price falls. O- 18.2 O The absolute value of price elasticity is less than 1. O 3.2 O The absolute value of price elasticity is greater than 1. 0.31 O The percentage change in quantity demanded is greater than the percentage change in price for any small change in price. Question 34 2 pts The difference between social cost and private cost is the O loss in profit to the seller as the result of a negative externality. O external cost of an externality. cost reduction when the negative externality is eliminated. O cost incurred by the government when it intervenes in the market