AP Microeconomics Test 4- Elasticity

When the quantity of coal supplied is measured in kgs instead of lbs, the demand for coal is

The cross price elasticity between two goods is -1/2. The two products are ______

The price elasticity of demand measures

When something has elastic demand, a price increase causes TR to _______

Which of the following goods would you expect to have the largest income elasticity of demand?

What does the area of U and W show?

If the price elasticity is between 0 and 1, the demand is

A price ceiling creates _____ when it is set _____ the equilibrium price.

A vertical supply curve indicates an elasticity of supply that equals

What is the total expenditure by consumers after the tax?

How much are consumers now paying for cigarettes?

If the price elasticity of demand is unit then a fall in price:

A price ceiling sets a minimum price for a good

All of these are types of elasticity except

The price elasticity of demand can range between

Which one is a government-imposed limit on how much of a good may be bought or sold?

What does this graph show?

A price floor keeps the price of a good from falling too low

A federally-set or state-set minimum wage above the market price would be an example of

Cross-price elasticity shows how sensitive a product is to a change in ____

Moving up along a linear demand curve, the price elasticity of demand

A horizontal supply curve indicates an elasticity of supply that equals

Rent controls are examples of

If the elasticity coefficient is greater than 1, the good is _____

if demand price is inelastic:

If a price floor is set below the equilibrium price, the price floor will have no effect.

Which one is most likely to have a negative income elasticity of demand?

Income-elasticity shows how sensitive a product is to a change in ______

If coffee and tea are substitutes, what do we know about the cross-price elasticity of demand?

The figure illustrates the demand curve for a good. The good is ____

A price floor will create a chronic excess supply when it is set above the equilibrium price

How much is the tax on cigarettes?

Inelastic demand curves have good which have

All of the following are problems associated with price ceilings except

Who issues subsidies?