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micro quiz 3.pdf

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Department
Economics
Course
ECON 1000
Professor
All Professors
Semester
Fall

Description
E203 Principles of MicroeconomicsQuiz 3 Fall 2007NameMULTIPLE CHOICEChoose the one alternative that best completes the statement or answers the question on theaccompanying scantron1The price elasticity of demand equals the magnitude of1Athe slope of the demand curveBthe percentage change in the price of a good divided by the percentage change in thequantity demandedCthe inverse of the slope of the demand curveDthe percentage change in the quantity demanded of a good divided by the percentagechange in its price2When the price of a movie ticket increases from 5 to 7 the quantity of tickets demanded2decreases from 600 to 400 a day What is the price elasticity of demand for movie ticketsA232B120C100D0833A local pizzeria raised its price from 9 to 11 for each pizza and the sales of its pizza3decreased from 150 to 100 per day What is the price elasticity of demand in this caseA12B12C2D24If the demand for a good is elastic that means that when price increases4Athe quantity demanded will decrease by a greater percentage than the price increasedBthe quantity demanded will decrease by a smaller percentage than the price increasedCthe demand will decreaseDthe quantity demanded will increase5When the percentage change in the quantity demanded is less than the percentage change in5the price thenAdemand is unit elasticBdemand is elasticCdemand is inelasticDthe good is an inferior good6If the demand curve is a downward sloping straight line the price elasticity of demand always6Adecreases with movements upward to the left along the demand curveBincreases as the demand curve shifts leftwardCincreases with movements upward to the left along the demand curveDincreases as the demand curve shifts rightward7According to the total revenue test a price cut increases total revenue if demand is7AinelasticBelasticCperfectly inelasticDunit elastic1
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