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R.R. Jha
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Figure 4-1 1. Refer to Figure 4-1. The movement from point

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<p>Figure 4-1 </p><p> <img src="" alt="graphic" width="917" height="870" /></p><p>1. Refer to Figure 4-1. The movement from point A to point B on the graph would be caused by a. an increase in price. b. a decrease in price. c. a decrease in the price of a substitute good. d. an increase in income. 2. Refer to Figure 4-1. Miami’s population has changed due to the increase of rice-eating ethnic groups from Latin America and the Caribbean. This impacts the demand for rice by: a. A movement along the demand curve from Point A to Point B. b. A movement along the demand curve from Point B to Point A. c. Shifting the demand curve rightward. d. Shifting the demand curve leftward. Figure 4-5 </p><p><img src="" alt="graphic" width="917" height="870" /> </p><p>3. Refer to Figure 4-5. A supply curve slopes upward because a. as more is produced, total cost of production falls. b. an increase in input prices increases supply. c. the quantity supplied of most goods and services increases over time. d. an increase in price gives producers an incentive to supply a larger quantity. 4. Refer to Figure 4-5. Due to a freeze, there are not many tomatoes produced (supplied to the market). This results in: a. A rightward shift in supply curve. b. A leftward shift in the supply curve. c. A movement from point A to point B along the supply curve. d. A movement from point B to point A along the supply curve. 5. Which of the following events could shift both the demand curve and the supply curve for a good? a. A technological advance pertaining to the production of the good is observed. b. Incomes of all buyers of the good increase. c. The number of sellers of the good increases. d. Everyone revises upward their expectation of next month’s price of the good. 6. In general, elasticity is a measure of a. the extent to which advances in technology are adopted by producers. b. the extent to which a market is competitive. c. how fast the price of a good responds to a shift of the supply curve or demand curve. d. how much buyers and sellers respond (changes in quantity demanded or supplied) to changes in the price of the good or service. 7. The price elasticity of demand measures a. buyers’ responsiveness (change in quantity) to a change in the price of a good. b. the extent to which demand increases as additional buyers enter the market. c. how much more of a good consumers will demand when incomes rise. d. all of the above. 8. Demand is said to be elastic if a. the price of the good responds substantially to changes in demand. b. the price of the good does not change when the demand changes. c. buyers do not respond much to changes in the price of the good. d. buyers respond substantially to changes in the price of the good. 9. Suppose there is a 6% increase in the price of good X and a resulting 36 % decrease in the quantity of X demanded. Price elasticity of demand for X is a. 0. b. 1. c. 6. d. 36. 10. As price elasticity of supply increases, the supply curve a. becomes flatter. b. becomes steeper. c. becomes downward sloping. d. shifts to the right.</p>

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Customer: replied 5 years ago.
Thanks. I'd post your answers soon.
Customer: replied 5 years ago.
Hi RRJha,

I hate to pressure you, but I need these questions answered in the next two hours. Do you think you can help me in that timeframe? Please let me know or repost my questions asap.

Thank you,

I'd post your answer in about 15 minutes :)
Customer: replied 5 years ago.
Sounds great! Thank you!

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Customer: replied 5 years ago.
Hi RRJha,

I have three Microeconomics posts; one is True or False, two are Multiple Choice. Please respond if you can. Thank you!!!!

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