Elasticity and Incentives Answers
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What is the difference between a price floor and a price ceiling?
A
A price floor is the minimum price allowed for a good. A price ceiling is the maximum price allowed for a good.B
A price floor is the maximum price allowed for a good. A price ceiling is the minimum price allowed for a good.C
A price ceiling below the equilibrium price has no effect.D
A price floor above the equilibrium price has no effect.2
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Which is an example of a product that is considered a need?
A
breakfast foodB
music playerC
sports equipmentD
video game3
In economics, if a good is inelastic,
A
consumers have lost an interest in purchasing it.B
producers have lost an interest in manufacturing it.C
its supply or demand is too sensitive to price changes.D
its supply or demand is not sensitive to price changes.4
The graph shows the price of a good compared to the quantity supplied.This graph demonstrates how
A
the amount produced slightly changes with the price.B
the amount produced greatly changes with the price.C
the amount consumed slightly changes with the price.D
the amount consumed greatly changes with the price.Did you find these answers helpful?
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