Perfectly inelastic - Study guides, Class notes & Summaries
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C211 Second OA quizzes Exam with 100% Correct Answers 2023
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The term "emerging economies" has replaced the term _____. - Correct answerDeveloping countries 
The gross domestic product plus the income from non-resident sources abroad gives 
the ____. - Correct answer-gross national product 
More than 25% of global GDP comes from _____. - Correct answer-BRICS countries 
Viewing the global economy as a pyramid, the Triad refers to _____. - Correct answerNorth America, Western Europe, and Japan 
People who earn _____ a year comprise the base of the global ...
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Econ130 test 2 (exam) || with Accurate Answers 100%.
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As _____ go up, ________ _______ goes down or ________ ________ goes up correct answers prices, quantity demanded, quantity supplied 
 
As prices go up, _______ ________ goes down correct answers quantity demanded 
 
As prices go up, ________ ________ goes up correct answers quantity supplied 
 
Elasticity correct answers by how much does quantity demanded/supplied change in response to a price change 
 
Price Elasticity of Demand correct answers percent change in quantity demanded divided by pe...
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WGU C211: Additional Study - 3rd Attempt OA Questions & Answers
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currently is charging 25 cents per cup, but she wants to adjust her price to earn the $50 faster. If you know that the demand for lemonade is elastic, what is your advice to her? - ANSWER Lower the price to increase total revenue 
 
For which of the following goods is the income elasticity of demand likely lowest? - ANSWER water 
 
Assume that a 4 percent increase in income results in a 2 percent increase in the quantity demanded of a good. The income elasticity of demand for the good is - ANSWE...
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ECON 101 Week 3 Quiz Winter 2024 Already passed;AMU
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ECON 101 Week 3 Quiz Winter 2024 Already passed;AMU 
 
Question 1	10 / 10 points 
Demand is price inelastic if: 
 
 the price of the good responds slightly to a quantity change. 
 the demand curve shifts very little when a demand shifter changes. the percentage change in quantity demanded is relatively small in response to a relatively large percentage change in price. 
all of the above are true. 
 
 
Question 2	10 / 10 points 
If the absolute value of price elasticity is greater than 1, thi...
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Econ 402 || A+ Graded Already.
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A perfectly inelastic demand curve is shown as a correct answers vertical line 
 
When it comes to pollution, economists believe that the government must correct answers allow firms to pollute as long as they account for the marginal cost of their pollution. 
 
If the quantity demanded of soda increases by 4% when the price of coffee increases by 16%, the 
cross-price elasticity of demand between soda and coffee is: correct answers 0.25. 
 
The price elasticity of supply tends to become more ela...
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Managerial Economics & Business Strategy Michael Baye 9th Edition- Test Bank
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Managerial Economics & Business Strategy Michael Baye 9th Edition- Test Bank Managerial Economics & Business Strategy Michael Baye 9th Edition- Test BankAssume that the price elasticity of demand is −2 for a certain firm’s product. If the firm raises price, the firm’s managers can expect total revenue to:A price elasticity of zero corresponds to a demand curve that is: A. horizontal. B. downward sloping with a slope always equal to 1. C.vertical. D. either vertical or horizontal.As we ...
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Managerial Economics & Business Strategy Michael Baye 9th Edition- Test Bank
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Managerial Economics & Business Strategy Michael Baye 9th Edition- Test Bank Managerial Economics & Business Strategy Michael Baye 9th Edition- Test BankAssume that the price elasticity of demand is −2 for a certain firm’s product. If the firm raises price, the firm’s managers can expect total revenue to:A price elasticity of zero corresponds to a demand curve that is: A. horizontal. B. downward sloping with a slope always equal to 1. C.vertical. D. either vertical or horizontal.As we ...
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Econ 402 Exam #2 || with 100% Errorless Answers.
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If the price of good X rises and the demand for good X is elastic, then the percentage __________ in quantity demanded is __________ the percentage rise in price, and total revenue __________. 
-fall; greater than; falls 
-fall; less than; falls 
-rise; greater than; falls 
-fall; greater than; rises correct answers fall; greater than; falls 
 
Suppose that when the price of a good rises from $12 to $14, the quantity demanded of that good falls from 220 units to 180 units. What is the approximat...
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Edexcel A Level Economics All Diagrams Study Guide 100% Correct |Graded A+|
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Edexcel A Level Economics All 
Diagrams Study Guide 100% Correct 
|Graded A+| 
Production Possibility Frontier 
Supply and demand diagram showing equilibrium 
Supply and demand surplus 
Increase in demand 
Decrease in demand 
Increase in supply 
Decrease in supply 
Consumer surplus 
Producer surplus 
Inelastic demand 
Elastic demand 
Unitary elastic demand 
Perfectly elastic demand 
Perfectly inelastic deman
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UGBA 101A Midterm 1 questions with 100% correct answers rated A+ 2023/2024
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UGBA 101A Midterm 1steep supply/demand curves - correct answer large changes in price/small changes in quantity 
 
shallow supply/demand curves - correct answer small changes in price/large changes in quantity 
 
elasticity - correct answer 
 
price elasticity of demand formula - correct answer E^D=%∆Q^D/%∆P 
 
price elasticity of supply formula - correct answer E^S=%∆Q^S/%∆P 
 
what happens when PED is high - correct answer small changes in price result in large changes in quantity dem...
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