Question 1

0 out of 1 points If the price elasticity of demand for Baja Fresh tacos is 2.5, then Baja Fresh can Selected Answer: Raise the price of tacos and total revenue will increase

Question 2

1 out of 1 points Suppose a cosmetics company increases the price of eyeliner by 10 percent and as a result the quantity demanded of eyeliner decreases by 2.5 percent. The price elasticity of demand for eyeliner is: Selected Answer: 0.25.

Question 3

0 out of 1 points The law of demand states that quantity demanded increases in a given time period if Selected Answer: Preferences change 1 out of 1 points Which of the following influences consumer demand?: Selected Answer: All of the above

Question 4

Question 5

0 out of 1 points The amount by which price will change if quantity demanded changes is measured by? Selected Answer: Total revenue 1 out of 1 points Ceteris paribus, a demand curve shows the Selected Answer: Quantity of a good consumers are willing and able to purchase at alternative prices

Question 6

Question 7

1 out of 1 points Marginal utility is an important economic concept because it Selected Answer: Predicts the amount of a good a rational consumer will purchase

Question 8

0 out of 1 points Which of the following causes the market-demand curve for a good to shift?: Selected Answer: The cost of factors of production

Question 9 The demand for _______ is relatively elastic. Selected Answer: Question 10 Fish.

1 out of 1 points

1 out of 1 points Which of the following is not a determinant of demand?: Selected Answer: The cost of factors of production.

Question 11

0 out of 1 points A university's football games usually bring larger crowds than its stadium can seat. By which of the following means can the university reduce the size of the crowd and simultaneously earn more revenue to finance a new stadium? Selected Answer: By raising ticket prices when demand for tickets is elastic.

Question 12

0 out of 1 points If the price elasticity of demand is 1.5, and a firm raises its price by 20 percent, the quantity sold by the firm will, ceteris paribus: Selected Answer: Rise by 30.0 percent.

Question 13

0 out of 1 points Suppose the price elasticity of demand for tacos is 0.80. If the price of tacos increases by 10 percent, then the quantity demanded of tacos should, ceteris paribus Selected Answer: Increase by 8 percent

Question 14

1 out of 1 points I Javier goes to an all-you-can-eat buffet at a Chinese restaurant and consumes three plates of food. Which of the following explains why the third plate of food does not provide as much satisfaction as the second plate did?: Selected Answer: The law of diminishing marginal utility

Question 15

1 out of 1 points The amount of utility obtained from the entire consumption of a good is known as: Selected Answer: Total utility.