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Multiple choice problems on demand and price elasticity.

A. Demand is the defined as the

  1. amount of a commodity which buyers would be willing and able to purchase at a specific price
  2. price which buyers would be willing and able to pay for a specific quantity of a good
  3. relationship between the price of a good and the quantity people are able to purchase and independent variables which determine quantity
  4. Relationship between the price of a good and the quantity people are willing and able to purchase and the independent variables which determine quantity.

B. A decrease in the price of eggs will result in a

  1. increase the demand for eggs
  2. increase in the supply of eggs
  3. greater amount of eggs supplied
  4. greater amount of eggs demanded

C. The demand for chocolate covered peanuts

Quantity Demanded

(Bags per month)

Price (per bag)

George

Barbara

Dan

90

10

0

60

80

15

10

80

70

20

20

100

60

25

30

120

50

30

40

140

40

35

50

160

30

40

60

180

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M916976

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