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Suppose the demand curve for a product is represented by a typical downward-sloping curve. Now ...

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Suppose the demand curve for a product is represented by a typical downward-sloping curve. Now ...

Question 1.

Suppose at the going wage rate of $20 per hour, firms can hire as many hours of janitorial services as they desire. If any firm tries to lower the wage rate to $19, it will not be able to hire any janitor. What does this indicate about the supply curve for janitorial services?

• Supply is unit-elastic.

• Supply is perfectly elastic.

• Supply is perfectly inelastic.

• Supply is relatively inelastic.

Question 2.

Suppose the demand curve for a product is represented by a typical downward-sloping curve. Now suppose the demand for this product decreases. Which of the following statements accurately predicts the resulting decrease in price?

• The more elastic the supply curve, the greater the price increase.

• The more elastic the supply curve, the smaller the price decrease.

• The increase in price is not affected by the elasticity of the supply curve.

• The decrease in price will always be proportional to the magnitude of the demand shift.

Textbook

Microeconomics

Edition: 7^th

Authors: Hubbard, O'Brien

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More solutions for this book are available here

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Helped a lot

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