Multiple choice problems on demand and price elasticity.
A. Demand is the defined as the
- amount of a commodity which buyers would be willing and able to purchase at a specific price
- price which buyers would be willing and able to pay for a specific quantity of a good
- relationship between the price of a good and the quantity people are able to purchase and independent variables which determine quantity
- 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
- increase the demand for eggs
- increase in the supply of eggs
- greater amount of eggs supplied
- 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
|