ECO 212 Week 2 Supply and Demand and Price Elasticity Quiz

Apr 16th, 2015
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Week Two Sample QuizSupply & DEMAND and Price ElasticityStudent Name: ____________________________Date: _______________________________Section One: Multiple Choice 1. If a 20% decrease in the price of long distance phone calls leads to a 35% increase in the quantity of calls demanded, we can conclude that the demand for phone calls is:a. elastic.b. inelastic.c. unit elastic.d. stretchy elastic.2. Which of the following pairs are examples of substitutes?Popcorn & PepsiAutomobiles & BicyclesBoats & Fishing TackleWine & Cheese3. When we say that a price in a competitive market is "too high to clear the market" we usually mean that (given upward-sloping supply curves)..a no producer can cover the costs of production at that price.b quantity supplied exceeds quantity demanded at that price.c producers are leaving the industry.d consumers are willing to buy all the

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