Demand is elastic when the elasticity of demandis: Select correct option: Greate

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Demand is elastic when the elasticity of demandis:
Select correct option:
Greater than 0
Greater than 1
Less than 1
Less than 0 The law of diminishing returns assumes:
Select correct option:
There are no fixed factors of production.
There are no variable factors of production.
Utility is maximised when marginal product falls.
Some factors of production are fixed. The law of diminishing marginal utility states:
Select correct option:
The supply curve slopes upward.
Your utility grows at a slower and slower rate as you consume moreand more units of a good.
The elasticity of demand is infinite.
None of the given options. If there is a price ceiling, there will be:
Select correct option:
Shortages
Surpluses
Equilibrium
None of the given options.


A "Giffen good" is defined as one for which:
Select correct option:
Marginal utility is zero.
The demand curve is perfectly elastic.
The substitution effect is positive.
The demand curve is positively sloped.


The concave shape of the production possibilities curveillustrates:
Select correct option:
Increasing opportunity costs for both goods
Increasing opportunity cost for good X but not for good Y
Increasing opportunity cost for good Y but not for good X
Constant opportunity costs for both goods


Although there are many reasons why a market can benon-competitive, the principal economic difference between acompetitive and a non-competitive market is:
Select correct option:
The number of firms in the market.
The extent to which any firm can influence the price of theproduct.
The size of the firms in the market.
The annual sales made by the largest firms in the market.


If marginal product is equal to average product:
Select correct option:
The total product will fall
The average product will not change
Average variable costs will fall
Total revenue will fall


The price elasticity of supply shows us:
Select correct option:
How steep the supply curve is
How fast supply responds to price
How much supply shifts when income changes
How much quantity supplied responds to price changes


Moving from left to right, the typical production possibilitiescurve:
Select correct option:
Has a constant negative slope
Has a constant positive slope
Illustrates increasing opportunity costs
Illustrates decreasing opportunity costs Demand is elastic when the elasticity of demandis:
Select correct option:
Greater than 0
Greater than 1
Less than 1
Less than 0 The law of diminishing returns assumes:
Select correct option:
There are no fixed factors of production.
There are no variable factors of production.
Utility is maximised when marginal product falls.
Some factors of production are fixed. The law of diminishing marginal utility states:
Select correct option:
The supply curve slopes upward.
Your utility grows at a slower and slower rate as you consume moreand more units of a good.
The elasticity of demand is infinite.
None of the given options. If there is a price ceiling, there will be:
Select correct option:
Shortages
Surpluses
Equilibrium
None of the given options.


A "Giffen good" is defined as one for which:
Select correct option:
Marginal utility is zero.
The demand curve is perfectly elastic.
The substitution effect is positive.
The demand curve is positively sloped.


The concave shape of the production possibilities curveillustrates:
Select correct option:
Increasing opportunity costs for both goods
Increasing opportunity cost for good X but not for good Y
Increasing opportunity cost for good Y but not for good X
Constant opportunity costs for both goods


Although there are many reasons why a market can benon-competitive, the principal economic difference between acompetitive and a non-competitive market is:
Select correct option:
The number of firms in the market.
The extent to which any firm can influence the price of theproduct.
The size of the firms in the market.
The annual sales made by the largest firms in the market.


If marginal product is equal to average product:
Select correct option:
The total product will fall
The average product will not change
Average variable costs will fall
Total revenue will fall


The price elasticity of supply shows us:
Select correct option:
How steep the supply curve is
How fast supply responds to price
How much supply shifts when income changes
How much quantity supplied responds to price changes


Moving from left to right, the typical production possibilitiescurve:
Select correct option:
Has a constant negative slope
Has a constant positive slope
Illustrates increasing opportunity costs
Illustrates decreasing opportunity costs

Explanation / Answer

Demand is elastic when the elasticity of demand is:Greater than 1

The law of diminishing returns assumes: Somefactors of production are fixed. The law of diminishing marginal utility states: Yourutility grows at a slower and slower rate as you consume more andmore units of a good.

If there is a price ceiling, there will be:Shortages A "Giffen good" is defined as one for which: Thedemand curve is positively sloped.
The concave shape of the production possibilities curveillustrates: Increasing opportunity costs for bothgoods

Although there are many reasons why a market can benon-competitive, the principal economic difference between acompetitive and a non-competitive market is: The number offirms in the market.
If marginal product is equal to average product: Theaverage product will not change
The price elasticity of supply shows us: How much quantitysupplied responds to price changes
Moving from left to right, the typical production possibilitiescurve: Illustrates increasing opportunitycosts

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