Solved >     51.  Refer to the graph shown. The:1293523 …

51.

Refer to the graph shown. The approximate elasticity of segment AD is:

A. 3/4.

B. 3.

C. 4/3.

D. 4.

52.

Refer to the graph shown. The approximate elasticity of segment AC is:

A. 1/3.

B. 1/2.

C. 2/3.

D. 3/2.

53.

Refer to the graph shown. The approximate elasticity of segment AB is:

A. 1/3.

B. 1/2.

C. 2/3.

D. 3/2.

54.If the supply of a product is inelastic, this implies that a specific percentage change in price leads to:

A. an equal percentage change in the quantity supplied.

B. a larger percentage change in the quantity supplied.

C. a smaller percentage change in the quantity supplied.

D. no percentage change in the quantity supplied.

55.If the percentage increase in the quantity supplied equals the percentage increase in the price, the supply:

A. is elastic.

B. is inelastic.

C. has unit elasticity.

D. is perfectly elastic.

56.If the percentage increase in the quantity supplied is greater than the percentage increase in the price, the supply:

A. is elastic.

B. is inelastic.

C. is unit elastic.

D. is perfectly elastic.

57.If the percentage increase in the quantity supplied is smaller than the percentage increase in the price, the supply:

A. is elastic.

B. is inelastic.

C. is unit elastic.

D. is perfectly elastic.

58.If the price elasticity of demand for a good is inelastic, a price change causes:

A. a zero change in quantity demanded.

B. an infinite change in quantity demanded.

C. a more than proportionate change in quantity demanded.

D. a less than proportionate change in quantity demanded.

59.If quantity demanded does not change when the price changes, the demand:

A. is elastic.

B. is inelastic.

C. has unit elasticity.

D. is perfectly inelastic.

60.If quantity demanded changes infinitely when the price changes, the demand:

A. is slightly elastic.

B. is inelastic.

C. is unit elastic.

D. is perfectly elastic.

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