03 Jun Question 1. When a product is a necessity,
Question
1. When a product is a necessity,
a. it has few or no substitutes, and its demand will probably be elastic.
b. it has many substitutes, and its demand will probably be elastic.
c. it has many substitutes, and its demand will probably be inelastic.
d. it has few or no substitutes, and its demand will probably be inelastic.
2. When demand is more elastic, a decrease in supply will cause
a. equilibrium price to rise less, and equilibrium quantity to fall more.
b. equilibrium price to rise less, and equilibrium quantity to fall less.
c. equilibrium price to rise more, and equilibrium quantity to fall less.
d. equilibrium price to rise more, and equilibrium quantity to fall more.
3. The article, “Scientifically Priced Retail Goods” (NY Times, 9/2/02),
uses a cold weather example to illustrate factors that influence
prices. If cold weather is approaching,
a. a retailer might reduce the price of children’s snow suits, to match the
change in the weather.
b. a retailer might not reduce the price of soup, since people’s preference
for hot soup might increase when the weather is cold.
c. a retailer might not increase the price of snow shovels, because the
demand for snow shovels is likely to increase when the weather is cold.
d. a retailer might increase the price of swim suits, to make a higher profit
on fewer sales.
4. The article, “Isaac brings unwelcome spike in gas prices as Labor
Day weekend approaches” (Washington Post, August 29, 2012)
offers several reasons why gasoline prices increased at the end of
August. Among those reasons are
a. Gulf Coast refineries avoided a sudden shutdown of operations due to
Hurricane Isaac, inventories of gasoline were high, and people decided to
stay at home during the Labor Day weekend.
b. crude oil prices are falling, refineries are switching to their winter blends
of gasoline, and the demand for jet fuel has increased as a result of the
Labor Day travel season.
c. Gulf Coast refineries managed to remain open in spite of Hurricane
Isaac, the midwest drought has raised the price of ethanol-based fuel, and
many people canceled their vacations to watch the political conventions on
television.
d. Gulf Coast refineries shut down because of Hurricane Isaac, a crude oil
pipeline to the midwest was also shut down, and there is a surge of driving
that takes place over the holiday weekend.
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.