Refer to the information provided in Figure below to answer the question. 0.55 si 0.50 Price (S) 0.45 0.40 D 0 Q Number of pencils Refer to Figure At an effective price ceiling for pencils Select one: O a. quantity demanded is greater than quantity supplied b. quantity demanded is equal to quantity supplied c. price is above equilibrium. d. quantity demanded is less than quantity supplied. Refer to the information provided in Figure below to answer the question. 0.55 Si 0.50 Price ($) 0.45 0.40 D lo 0 Number of pencils Refer to Figure An example of an effective price ceiling would be government setting the price of pencils at Select one: O a. $0.45 b. $0.55 C. $0.50 O d. $0.40 Demand determines entirely when is perfectly inelastic Select one: a. price and quantity; supply b. quantity; supply C. price and quantity; demand d. price; supply P B. P2 C E P3 P4 F Demand Q Number of milkshakes Refer to Figure Along the given demand curve, which of the following is true? Select one: a. Since the demand curve is linear, the price elasticity of demand between each of the points is the same. b. All of the above are true. O c. Demand is more elastic along the segment AC than the segment CF. d. Demand is more elastic along the segment CF than the segment AC. Refer to the information provided in Figure $4 10 B 9 Price C 8 8 E 7 F 6--- Demand 1 2 3 4 5 Q Number of gardenburgers Refer to Figure. Use the midpoint formula. If the price of a gardenburger increases from $8 to $10, the price elasticity of demand equals and demand is Select one: a. -9.0; inelastic b. -4.5; elastic O C. -0.5; inelastic d. 4.5; elastic If a decrease in income results in a decrease in the quantity demanded for a product, the product and the value of the income elasticity of demand is 1S Select one: O a. an inferior good; positive b. a normal good; positive c. a normal good, negative d. an inferior good; negative Previous page Neyi line. A perfectly price elastic demand curve will be a Select one: O a. horizontal O b. positively sloped C. vertical d. negatively sloped Luxury items tend to have demand, and necessities tend to have demand Select one: a. relatively inelastic; elastic O b. unit elastic; perfectly inelastic C. relatively elastic; inelastic d. perfectly elastic; perfectly inelastic