Question Completion Status: QUESTION 3 points Save Answ Because of consumer-consumer rivalry, the price will tend to: Be driven to a lower price. a. Rise up to the maximum price the consumers are willing and able to pay. O b. Be the same as the competitive price. d. Be the same as the monopoly price. 4 points Save Answer QUESTION 2 Save and Submit Save Al Answe's Click Save and Submit to save and submit, Click Save All Answers to save all tnsuers Remaining Time: 1 hour, 29 minutes, 05 seconds. s Question Completion Status: QUESTION2 4points Save Ansser The maximum legal price that can be charged in a market is: A price floor. O a. An ad valorem tax. o c The market equilibrium pride C. Od. A price ceiling. 4points Save Answer QUESTION 3 Save and Submi Save All Answers Click Save and Submit to save and submit. Click Save All Answers to save all tunswers ve craracteristics Of Fo | www.youtube com ecollege.edu/ultra/courses/32402.1/cl/outline ws Yahoo Remaining Time: 1 hour, 28 minutes, 59 seconds Question Completion Status Oc The market equilibrium price. O d. A price ceiling. QUESTION 3 points Save Answer Assume that the price elasticity of demand is inelastic (-5) for a certain firm's product. If the frm raises price, the firms managers can expect total revenue to: O bincrease c. remain constant O d. either increase or remain constant, depending upon the size of the price increase 4points sove Araner QUESTION 4 A simultaneous decrease in demand and supply will unambiguously Save and Submit Save All Answers Click Save and Submit to sqve and submit. Click Save All Answers to save allrinsuers Remaining Time: 1 hour, 28 minutes, 54 seconds. Question Completion Status: O a. decrease O b. increase O c. remain constant Od. either increase or remain constant, depending upon the size of the price increase QUESTION 4 points Savt A A simultaneous decrease in demand and supply will unambiguously a. raise the equilibrium price b. lower the equilibrium price. c. lower the equilibrium quantity. d. raise the equilibrium quantity. 3 points Save An QUESTION5 production of goods most wanted bv societv Scarce resources are ultimatelv allocated toward the Save and S Save Al Anowers Click Save and Submit to save and submit. Click Save All Ansvers to save all trstiers News Yahoo Remaining Time: 1 hour, 28 minutes, 48 seconds. Question Completion Status: QUESTION 5 3 points Save Scarce resources are ultimately allocated toward the production of goods most wanted by society because: Firms attempt to maximize profits a. b. They are most efficiently utlized in these areas Csuers demand inexpensive goods and services d. Managers are benevolent. 4 points Save QUESTION6 that measures the responsiveness of consumer demand to chanaes in income is the Save and Save All Arowers Click Save and Submit to save and submit. Click Save All Answers to save alltinsvers Remaining Time: 1 hour, 28 minutes, 43 seconds v Question Completion Status: Consumers demand inexpensive goods and services C. O d. Managers are benevolent. QUESTION 6 4 points The elasticity that measures the responsiveness of consumer demand to changes in income is the a. income elasticity Ob. own price elasticity c cross-price elasticity d. neither the income elasticity, the own price elasticity, nor the cross-price elasticity 4 points QUESTION 7 Producer surplus is measured as the area Save All Answers Click Save and Submit to save and submit. Click Save All Answers to sqve all unswers. Remaining Time: 1 hour, 28 minutes, 43 seconds v Question Completion Status: Consumers demand inexpensive goods and services C. O d. Managers are benevolent. QUESTION 6 4 points The elasticity that measures the responsiveness of consumer demand to changes in income is the a. income elasticity Ob. own price elasticity c cross-price elasticity d. neither the income elasticity, the own price elasticity, nor the cross-price elasticity 4 points QUESTION 7 Producer surplus is measured as the area Save All Answers Click Save and Submit to save and submit. Click Save All Answers to sqve all unswers. NewsYahoo Remaining Time: 1 hour, 28 minutes, 36 seconds. Question Completion Status: QUESTION 7 points Save Answer Producer surplus is measured as the area Below the demand curve and above the market price a. Above the demand curve and below the market price O b. Above the supply curve and below the market price C. d. Below the supply curve and above the market pricse Save and Submit Save All Anowers Click Save and Submit to saue and submit. Click Save All Ansuvers to save al unswers. onroecollege.edu/ultra/courses/ 32402 1/cl/outline News Yahoo Remaining Time: 1 hour, 28 minutes, 31 seconds. Question Completion Status: QUESTION8 4 points Save Answer Opportunity cost differs from accounting costs because of Implicit costs O a. Accounting profits c. Economic profits d. Explicit costs Save Answe 4 points QUESTION 9 For a steel factory, an increase in the cost of electricity to the plant will cause the supply curve to: Save and Submit Save Al Answers Click Save and Submit to save and submit. Click Save AllAnswers to save all tinsivers 02.ycyoutline News Yahoo Remaining Time: 1 hour, 28 minutes, 26 seconds Question Completion Status: QUESTION 9 4points Save Answer For a steel factory, an increase in the cost of electricity to the plant will cause the supply curve to: Become flatter. Shift to the left. b. Shift to the right. O d. Become parallel to the price axis. 4 points Sow Ara QUESTION 10 Demand is more inalastin in the short term herauce onsimare Save and Subm Save All Answers Click Save and Submit to saue and submit. Click Save All Answers to save all tanswers Yaho0 Remaining Time: 1 hour, 28 minutes, 12 seconds * Question Completion Status: O d. Become parallel to the price axis QUESTION 10 points Save Answer Demand is more inelastic in the short term because consumers a. are impatient O b. have no time to find available substitutes c. are present-oriented d. None of the statements is correct 4 points Save Answe QUESTION 11 Suppose you produce wooden chairs, and government expensive for you to purchase wood. What do you expect to happen to the equilibrium price and quantity of wooden desks? Save and Submit Save Al Answers Click Save and Submit to save and submit. Click Save All Answers to sqve all unswers