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Ch 2 Review 2 Flashcards | StudBud

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Price elasticity of demand changes as you move along a demand curve.

If supply is Qs = 3P, and demand is Qd = 10 - P, indicate which prices would result in a shortage.

Ch 2 Review 2

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Questions 4

Answers

1
If supply is Qs = 3P, and demand is Qd = 10 - P, indicate which prices would result in a shortage.
$1
$3
$2
$4
2
Price elasticity of demand changes as you move along a demand curve.
True
False
3
Income elasticity of demand for an inferior good will be positive.
True
False
4
You work for Coca Cola. Which good's price would have the largest effect on demand for Coca Cola?
aluminum
ice cream
bananas
pepsi (another soda brand)