Can someone please tell me if these anwers are corect? PARTA - MULTIPLE CHOICE Q
ID: 1103540 • Letter: C
Question
Can someone please tell me if these anwers are corect?
PARTA - MULTIPLE CHOICE QUESTIONS 30 Marks) Graph 5-5 Record your answers in pencil on the General Purpose answer sheetBe sure you fully erase mistakes and stray marks from the General Purpose answer sheet. 1. Which one of the following is not a determinant of demand? A. the price of a close-substitute good B, income levels of consumers otani the prices of the energy inputs used to make the good 2. Which of the following statements is incorrect? A, if demand increases and supply decreases, equilibrium price will rise R. if supply increases and demand decreases, equilibrium price will fall c, if supply declines and demand remains constant, equilibrium price will in D, if demand decreases and supply increases, oquilibrium price will rise Quantity 5. In Graph 5-5, which supply curve is perfectly inelastic? ld not occur as a C. San D. it is impossible to tell without more information 3. Suppose an outbreak of Varroa kills of many beehives, which direct result of this event? A. honey sellers would not be willing to produce and sell as much honey market prices B. the supply of honey would decrease c. honey buyers would not be willing to buy as much at p rket prices D, the equilibrium price of honey would increase 6. Suppose that 50 candy bars are demanded at a par uticular price the midpoint method, if the price of Cundy bars rises by four per centthe number , of candy bars demanded falls to 46 candy barsThis means that the A demand for candy bars in this price range is elas B. demand for candy bars in this price range is inelastic c, price clasticity of demand for candy bars is D. demand for candy bars is undt elastic 4. Suppose there is a 10 per cent increase in the price of ad a resulting five per cent decrease in the quantity of fish demanded. The price elastic demand fish is: A. 10 B. 5 C. 2 O) AP Graph 6-2 Price S800 6.00 - - - - - - - - - - 6.00 -------- - - 3040 60 60 70 quantityExplanation / Answer
1. D
Explanation: The price of inputs is not a concern to the consumer and his/her demand does not get affected by it. The input price affects the supplier only.