JennyMarie
New member
1) If the price of electricity increases by a large amount but consumers continue to buy the same quantity, we can conclude
a. that supply and demand have been thrown out of kilter so no equilibrium is possible.
b. that electricity is responsive to changes in price.
c. that demand for electricity is inelastic.
d. that electricity may be considered a luxury.
2) A particular good is price inelastic. This characteristic means that
a. a 10 percent increase in price will result in a 15 percent decrease in the quantity purchased.
b. a 10 percent increase in price will result in less than a 10 percent change in the quantity demanded.
c. people do not consider the good a necessity.
d. a 5 percent increase in price will result in more than a 5 percent change in the quantity demanded.
3) Which of the following statements is true?
a. Fixed costs equal total costs when output equals zero.
b. Fixed costs do not exist in the long run.
c. Variable costs equal zero when output equals zero.
d. All of the preceding statements are true.
4) Included in the functions of a business is
a. organizing production.
b. determining the production-possibility frontier of competitors' products.
c. allocating revenues.
d. Both items a and c are functions of businesses.
5) A business deciding to buy new machinery to be used in production is an example of
a. the organization of production.
b. real capital investment.
c. identifying needs.
d. None of the preceding choices describes this function.
ATTENTION: TRINITY
I do my own work. These are 5 questions out of 57 that I had a problem with and didn't understand.
I didn't post the question on here for people to tell me to do it myself. HELLO, YOU ARE ON YAHOO ANSWERS. Either answer the question or log out.
Thanks.
a. that supply and demand have been thrown out of kilter so no equilibrium is possible.
b. that electricity is responsive to changes in price.
c. that demand for electricity is inelastic.
d. that electricity may be considered a luxury.
2) A particular good is price inelastic. This characteristic means that
a. a 10 percent increase in price will result in a 15 percent decrease in the quantity purchased.
b. a 10 percent increase in price will result in less than a 10 percent change in the quantity demanded.
c. people do not consider the good a necessity.
d. a 5 percent increase in price will result in more than a 5 percent change in the quantity demanded.
3) Which of the following statements is true?
a. Fixed costs equal total costs when output equals zero.
b. Fixed costs do not exist in the long run.
c. Variable costs equal zero when output equals zero.
d. All of the preceding statements are true.
4) Included in the functions of a business is
a. organizing production.
b. determining the production-possibility frontier of competitors' products.
c. allocating revenues.
d. Both items a and c are functions of businesses.
5) A business deciding to buy new machinery to be used in production is an example of
a. the organization of production.
b. real capital investment.
c. identifying needs.
d. None of the preceding choices describes this function.
ATTENTION: TRINITY
I do my own work. These are 5 questions out of 57 that I had a problem with and didn't understand.
I didn't post the question on here for people to tell me to do it myself. HELLO, YOU ARE ON YAHOO ANSWERS. Either answer the question or log out.
Thanks.