QUESTION 10 The longer the period of time allowed for the producer of a good to

Question

QUESTION 10 The longer the period of time allowed for the producer of a good to adjust to a change in the price of the good, the supplied O a. more elastic: cannot o b. more inelastic; can O c. more elastic; can the price elasticity of supply will be. This statement assumes that the quantit be altered with time d. more inelastic, cannot QUESTION 11 If people begin to favor science fiction novels to a greater degree than previously, the demand curve for science fiction novels O a. can shift either rightward or leftward b. stays constant. c. shifts rightward o d. shifts leftward QUESTION 12 Which of the following would result in higher price elasticity? O a. shorter periods of time considered o b. lower costs of labor o c. the good is more of a necessity o d. more substitutes for a good QUESTION 13 If the minimum wage law sets a wage floor above the equilibrium wage in the unskilled labor market, o a. the labor market will change, but we cannot be certain how. o b. the minimum wage will create a shortage of labor c. the minimum wage will create a surplus of labor o d. the minimum wage will not affect the labor market QUESTION 14 The fewer substitutes for a good a. the higher its price elasticity of demand O b. the lower its income elasticity of demand. c. the lower its price elasticity of demand d. the higher its income elasticity of demand.

Explanation / Answer

Q10. Answer is c. More elastic; can Q11. Answer is c. Shifts rightward Q12. Answer is d. More substitutes of the good. Q13. Answer is c. The minimum wage rate will create a surplus Q14 Answer is c. The lower its price elasticity of demand.

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