An increase in the supply of music downloads indicates that more music downloads will be Multiple Choice demanded, because sellers are putting music downloads on sale. supplied, even if prices of music downloads stayed the same. supplied, because music download prices have decreased. demanded, because sellers are selling more music downloads.
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An increase in the supply of music downloads indicates that more music downloads will be
-
demanded, because sellers are putting music downloads on sale.
-
supplied, even if
prices of music downloads stayed the same. -
supplied, because music download prices have decreased.
-
demanded, because sellers are selling more music downloads.
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- Diamonds are superior goods. An increase in the incomes of diamond buyers will result in an increase in ........................ a) demand for diamonds b) the quantity of diamond demandedDemand is more inelastic in the short-term because consumers: Answer A. Are impatient B. Have no time to find available substitutes C. Are present-oriented D. Are neither impatient, have no time to find available substitutes nor are present-orientedThe demand for a product is unit elastic. At a price of $20, 10 units of a product are sold. If the price is increased to $40, then one would expect sales to equal: Group of answer choices 20 units. 10 units. 5 units. 0 units.
- The cross price elasticity between gasoline and driving is Group of answer choices is positive so they are complements. is negative so they are substitutes is positive so they are substitutes. is negative so they are complements none of the above.The supply of new houses in Houston is best described as Group of answer choices The quantity of new houses that builders are willing and able to build at various prices in a given period of time. The number of new houses purchased in Houston in 2020. The number of new houses built in Houston in 2020. As the price of new houses in Houston fell in 2020, builders built fewer new houses.True or False. Inelasticity demand occurs when consumers are highly sensitive to price changes.
- If textbooks and study guides are complements, then an increase in the price of textbooks will result in Group of answer choices more textbooks being sold. more study guides being sold. fewer study guides being sold. no difference in the quantity sold of either good.If the demand for tin is relatively inelastic to price changes, an increase in the supply for tin will cause a A. decrease in price and a decrease in sales revenue. B. increase in price and an increase in sales revenue. C. decrease in price and an increase in sales revenue. D. increase in price and a decrease in sales revenue.The greater the price elasticity of demand the More likely the product is a necessity Smaller the responsiveness of quantity demanded to price Greater the percentage change in price over the percentage change in quantity demanded Greater the responsiveness of quantity demanded to price Smaller the quantity supplied as a response to pric
- A perfectly inelastic demand curve or supply curve means...Group of answer choices There is an infinite change in quantity demanded or supplied in response to a change in price. Correct Answer There is no change in quantity demanded or supplied in response to a change in price If the price of one good changes by 1% the % change in quantity demanded will be greater than 1%. There is a 1% change in quantity demanded in response to a 1% change in price.If the price elasticity of demand for gasoline is 0.20: Group of answer choices the demand for gasoline is elastic. a rise in the price of gasoline will reduce total revenue. 10 percent rise in the price of gasoline will decrease the amount purchased by 2 percent. a 10 percent fall in the price of gasoline will increase the amount purchased by 20 percent.Consider public policy aimed at smoking. Studies indicate that the price elasticity of demand for cigarettes is about 0.2. If a pack of cigarettes currently costs $5 and the government wants to reduce smoking by 10%, it should increase the price by . If the government permanently increases the price of cigarettes, the effect on smoking 1 year from now will be than the effect 3 months from now. Studies also find that teenagers have a higher price elasticity of demand than do adults. Which of the following statements are consistent with this result? Check all that apply. Teenagers do not have as much income as adults, so they are more price sensitive. It is legal for adults to consume alcohol, so many choose to spend their money on that good rather than cigarettes. Adults are more likely to be addicted to cigarettes.