ECON R5
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| What happens when the quantity demanded is very responsive to changes in price? The percentage change in quantity demanded will be | greater than the percentage change in price
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| When demand curves intersect, the curve with the larger slope in absolute value (the steeper demand curve) is more elasti | False
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| Suppose Wendy's hamburgers have many close substitutes available. If so, then an increase in the price of Wendy's hamburgers will likely | decrease the quantity of Wendy's hamburgers demanded by a relatively large amount.
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| In general, the demand for a good will be _________ elastic the ___________ the share of the good in the average consumer's budget. | less; smaller
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| If the demand for orange juice is elastic , will an increase in the price of orange juice increase or decrease the revenue received by orange juice sellers? If the price of orange juice increase, revenue will | decrease
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| The price of organic apples rises and apple growers find that their revenue decreases . Is the demand for organic apples elastic or inelastic? The demand for organic apples is | elastic
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| Instead, suppose salt and pepper were substitutes . If so, then the cross-price elasticity of demand between salt and pepper would be | positive
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| Suppose a professional basketball game is to be played at a downtown urban arena, which increases demand for parking on the night of the game. If the urban area has limited ability to create additional parking during periods of peak demand, then | the supply of parking will be more inelastic and the price of parking will increase by a relatively large amount the night of the game.
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