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Microeconomics multiple choice questions (part 4)

Customer Question

The supply of paintings by Van Gogh is most likely to be
a. of infinite elasticity because supply is limited
b. of high elasticity because supply is limited
c. elastic because the paintings are luxury goods
d. inelastic because supply is limited
e. unit elastic

The price elasticity of today's supply curve of classrooms on campus is
likely to
a. be greater than 1
b. be less than 1
c. be equal to 1
d. approach zero
e. be infinity

For which of the following goods is the income elasticity of demand likely
to be largest?
a. paperback mystery stories
b. best-selling hardcover novels
c. used textbooks
d. children's books
e. leather-bound editions of Shakespeare

If a good is inferior, then the income elasticity of demand for that good is
a. positive and greater than 1
b. negative
c. positive and less than 1
d. 0
e. perfectly elastic

The cross-price elasticity of demand between pancakes and waffles is
positive. This indiciates all of the following EXCEPT one. Which is the
a. pancakes and waffles are subsitutes
b. an increase in the price of pancakes will shift the demand curve for
waffles to the right
c. an increase in the price of waffles will shift the demand curve for
pancakes to the right.
d. a decrease in the supply of waffles will shift the demand curve for
pancakes to the right
e. pancake demand and waffle demand are price elastic
Submitted: 11 years ago.
Category: Homework
Expert:  skywalker replied 11 years ago.

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