04 Jun Question Answer the next question(s) on the basis of the f
Question
Answer the next question(s) on the basis of the following cost data for a firm that is selling in a purely competitive market:
Refer to the above data. If there were 1,000 identical firms in this industry and total or market demand is as shown below, equilibrium price will be:
A. $13.
B. $42.
C. $32.
D. $36.
Score: 2/2
If a purely competitive firm shuts down in the short run:
A. it will realize a loss equal to its total costs.
B. its loss will be zero.
C. it will realize a loss equal to its total variable costs.
D. it will realize a loss equal to its total fixed costs.
Score: 2/2
If the price elasticity of demand for apples is greater than 1, an increase in apple prices will
A. raise total revenue.
B. lower total revenue.
C. not affect total revenue.
D. either raise or lower total revenue, but it is impossible to determine which.
Score: 2/2
Suppose that the income elasticity of demand for peanut butter is 0.75. Which of the following is true?
Student Response Value Correct Answer Feedback
A. Peanut butter is a normal good, because income elasticity is positive.
B. Peanut butter is an inferior good, because income elasticity is positive.
C. Peanut butter is a normal good, because income elasticity is less than 1.
D. Peanut butter is an inferior good, because income elasticity is less than 1.
Suppose that the amount of computer printers demanded increases by 20 percent when the price of personal computers falls by 10 percent. The cross price elasticity of demand between computer printers and personal computers is
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