11. Suppose price elasticity of demand is inelastic. Which of the following statements is false? A. If price declines, s
Posted: Wed Jul 06, 2022 5:55 am
11. Suppose price elasticity of demand is inelastic.Which of the following statements is false?
A. If price declines, sales will increase and revenue willfall.
B. If price increases, sales will decrease and revenue continueto rise.
C. Percentage change in sales is less than percentage change inprices.
D. If price declines, sales will increase and revenue willincrease.
E. None of the above
12. Consider the following table. Which of the followingteams accumulated the most cost?
A. New York Yankees
B. Los Angeles Dodgers
C. Boston Red Sox
D. Chicago Cubs
E. Toronto Raptors
13. Toronto Raptors is the only basketball team inToronto. The team also faces some cost. When they profit maximize,they set:
A. Marginal Revenue = Demand
B. Marginal Revenue = Marginal Cost
C. Marginal Cost = Demand
D. Total Revenue = 0
E. Total Revenue = Total Cost
14. When the supply of goods are perfectly inelastic,the price is determined by:
A. both demand and supply
B. demand only
C. supply only
D. price is fixed
E. price is 0.
15. Which of the following is an example of FinancialFair Play Regulation?
A. Soccer team’s sponsorship was limited.
B. Football clubs cannot spend more than they earn.
C. Rich clubs cannot use all of the spendings on recruitingtalented players.
D. Players cannot have ownership of their own team.
E. All clubs must have equal profits.
A. If price declines, sales will increase and revenue willfall.
B. If price increases, sales will decrease and revenue continueto rise.
C. Percentage change in sales is less than percentage change inprices.
D. If price declines, sales will increase and revenue willincrease.
E. None of the above
12. Consider the following table. Which of the followingteams accumulated the most cost?
A. New York Yankees
B. Los Angeles Dodgers
C. Boston Red Sox
D. Chicago Cubs
E. Toronto Raptors
13. Toronto Raptors is the only basketball team inToronto. The team also faces some cost. When they profit maximize,they set:
A. Marginal Revenue = Demand
B. Marginal Revenue = Marginal Cost
C. Marginal Cost = Demand
D. Total Revenue = 0
E. Total Revenue = Total Cost
14. When the supply of goods are perfectly inelastic,the price is determined by:
A. both demand and supply
B. demand only
C. supply only
D. price is fixed
E. price is 0.
15. Which of the following is an example of FinancialFair Play Regulation?
A. Soccer team’s sponsorship was limited.
B. Football clubs cannot spend more than they earn.
C. Rich clubs cannot use all of the spendings on recruitingtalented players.
D. Players cannot have ownership of their own team.
E. All clubs must have equal profits.