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If the price of hamburger meat increases by 20 percent and the quantity supplied by meat packing companies increases by 30 percent, what is the price elasticity of supply? Select one:

a. 1.65 b. 1.20 c. 0.67 d. 1.50 Question 15

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1 For which of the following purchases would the absolute price elasticity of demand be greatest? Select one:

a. a sports car b. utilities c. chewing gum d. a cell phone Question 13

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1 The supply curve for housing in the very short run is likely to be Select one:

a. very elastic. b. very inelastic. c. unit­elastic elastic. d. perfectly elastic Question 11

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1 The paintings of a world famous artist Vincent Van Gogh have a price elasticity of supply Select one:

a. equal to 2.0. b. equal to 1.0. c. close to 0.0. d. approaching infinity Question 1

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0 qaid=2535102&amp; 0 Question text

1 A perfectly inelastic demand curve exhibits Select one:

a. zero responsiveness to changes in price. b. zero quantity demanded when there is a slight change in price. c. a change in quantity demanded that is proportional to the change in price. d. a change in quantity demanded that is always twenty percent of the change in price. Question 3

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1 Six months ago, the price of gasoline was \$2.20 per gallon. Now, the price is \$2.40 per gallon. In response to this price increase, the number of gallons of gasoline purchased has declined by 2 percent. Based on this information, what is the absolute price elasticity of demand for gasoline? Select one: a. 4.35 b. 1.20 c. 0.23 d. 0.10

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Sep 13, 2020

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