stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
PASS Session 4 Flashcards | StudBud
Explore
/
PASS Session 4
PASS Session 4
20 terms
·
StudBud Administration
·
40 plays
PASS BSNS 104 Session 4
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
Elasticity generally measures...
Steepness of a slope
Length of a waistband
Responsiveness to a price change
Responsiveness to a quantity change
2
An elasticity > 1 is referred to as...
Inelastic
Really Elastic
Elastic
Unit Elastic
3
Interpret this equation
Percentage change in QD when one unit of P changes
How much P changes when one unit of QD changes
Illuminati confirmed
How much QD changes per one unit change of P
4
A price elasticity of < 0 is referred to as...
Elastic
Unit Elastic
Sign doesn't matter
Inelastic
5
Calculate the slope for this demand curve
-2
0.5
-0.5
2
6
Price elasticity of supply is not dependent on...
Whether the good is in fashion
Spare capacity
Time
Elasticity of inputs
7
Which of the following is demand most likely to be affected when price increases
Petrol
Coccaine
Cigarettes
Brie Cheese
8
Why do we not refer to negative elasticities?
We are concerned with the magnitude of change not direction
We do
Discrimination
It is impossible to get a negative figure
9
Other kinds of elasticities do not include:
Normal elasticity
Price elasticity of supply
Income
Cross-Price
10
What effect causes the demand of a good to change when price changes?
Demand effect
Substitution Effect
Complimentation Effect
Butterfly Effect
11
What kind of firm in a competitive market could this graph represent?
Small firm
Monopoly
Natural Monopoly
Duopoly
12
What elasticity is represented?
Stretchy Elastic
Elastic
Unit Elastic
Inelastic
13
This formula is known as
Absolute Method
Percentage change
Point Elasticity
Midpoint Method
14
If price is demand inelastic then increasing it will lead to..
Total Revenue increasing
Dissatisfied suppliers
Total Revenue staying the same
Total Revenue decreasing
15
Calculate the elasticity of D2 at $4
2
-1/2
1/2
-2
16
If price elasticity of demand = 1 then an increase in price will lead to...
Dissatisfied Consumers
A decrease in total revenue
An increase in Total Revenue
No change in total revenue
17
How does time affect the elasticity of petrol?
More elastic over time
Steeper D & S Slopes over time
More inelastic over time
Less elastic over time
18
In the short run..
No inputs are fixed
There are no barriers to entry
Prices tend to be lower
At least one input is fixed
19
Which of the following does not influence elasticity?
Time
How broadly defined a good is
Availability of Substitutes
Whether a good is edible or not
20
What happened during the 1973 Arab oil embargo?
Both price and quantity increased
Both price and quantity decreased
Price increased and quantity decreased
Price decreased and quantity increased
