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FAITHBELLE FAITHBELLE
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5 years ago

Question 1.

Figure 6-12




Refer to Figure 6-12. The diagram shows two supply curves, SA and SB. As price rises from P0 to P1, which supply curve is more elastic?

• SA

• SB

• They are equally inelastic.

• They are equally elastic.

Question 2.

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

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

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

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

• There will be no increase in price if the supply curve is perfectly inelastic.
Textbook 
Microeconomics

Microeconomics


Edition: 7th
Authors:
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emneviusemnevius
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