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As the price of W increased, the demand for Z shifted to the right. The cross-price elasticity of demand between Z and W O A. is positive, indicating substitutes. O B. 13 negative, indicating substitutes. o c. is negative, indicating complements. O D. 13 positive, indicating complements. QUESTION 14 The elasticity of supply for a product will be 2 when: O A. a 1 percent decrease in the price causes a 1/2 percent decrease in quantity supplied. O B. a 2 percent decrease in price causes a 2 percent decrease in quantity supplied. O c. a 2 percent decrease in price causes a 1 percent decrease in quantity supplied. O D. a 1 percent decrease in price causes a 2 percent decrease in quantity supplied. QUESTION 15 The price of a green parking permit at UTD is $144. In selling green permits, UTD does not take into account the actual number of green parking spaces available. Instead, it sells all the green permits it can to whoever will buy them at the $144 price. This means that O A. the elasticity of demand for green permits is perfectly elastic. O B. the elasticity of demand for green permits is perfectly inelastic. c. the elasticity of supply of green permits is perfectly inelastic. O D. the elasticity of supply of green permits is perfectly elastic. QUESTION 16 Michael tells the manager at House of Flavors Ice Cream that he won't buy any ice cream cones costing more than $2, but he will buy an unlimited number at a price of $2. His price elasticity of demand for ice cream cones is: O A. perfectly inelastic. O B. imperfectly elastic. O C. imperfectly inelastic. O D. perfectly elastic.QUESTION 17 If the cross-price elasticity of demand between two goods is negative, then the two goods are O A. substitutes. O B. normal goods. O c. inferior goods. O D. complements. QUESTION 18 A firm's demand curve and its associated marginal revenue curve ALWAYS share the same O A. slope. O B. q-intercept. ( C. P-intercept. ( D. q-midpoint. QUESTION 19 The Laffer curve suggests that A. when tax rates increase tax revenues may increase and when tax rates decrease tax revenues may decrease. B. when tax rates increase tax revenues may decrease and when tax rates decrease tax revenues may increase. O C. both (A) and (B). O D. none of the above. QUESTION 20 If UTD builds another dorm and first-year enrollment further increases we would expect the equilibrium price of a dorm room to and the equilibrium quantity to O A. increase; be uncertain. O B. decrease; be uncertain. O c. be uncertain; decrease. O D. be uncertain; increase