143.
The supply curve of a one-of-a-kind original painting is:
A)
relatively elastic.
B)
relatively inelastic.
C)
perfectly inelastic.
D)
perfectly elastic.
Answer: C

McConnell/Brue: Economics, 16/e
Page 605

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Type: T
Topic: 5
E: 366
MI: 122
Status: New
144.
The supply curve of antique reproductions is:

Cross and income elasticity
Type: A
Topic: 6
E: 368
MI: 124
145.
Suppose the income elasticity of demand for toys is +2.00. This means that:

Type: A
Topic: 6
E: 368
MI: 124
146.
If the income elasticity of demand for lard is -3.00, this means that:

Type: A
Topic: 6
E: 367
MI: 123
147.
The formula for cross elasticity of demand is percentage change in:
A)
quantity demanded of X/percentage change in price of X.
B)
quantity demanded of X/percentage change in income.
C)
quantity demanded of X/percentage change in price of Y.
D)
price of X/percentage change in quantity demanded of Y.
Answer: C

Type: A
Topic: 6
E: 367
MI: 123
148.
Cross elasticity of demand measures how sensitive purchases of a specific product are to changes in:

Type: A
Topic: 6
E: 367
MI: 123
149.
The larger the positive cross elasticity coefficient of demand between products X and Y, the:

Chapter 20: Elasticity of Demand and Supply
Type: A
Topic: 6
E: 367
MI: 123
150.
We would expect the cross elasticity of demand between Pepsi and Coke to be:

Type: A
Topic: 6
E: 367
MI: 123
151.
We would expect the cross elasticity of demand between dress shirts and ties to be:
A)
positive, indicating normal goods.
C)
negative, indicating substitute goods.
B)
positive, indicating inferior goods.
D)
negative, indicating complementary goods.
Answer: D

Use the following to answer question 152:
Type: G
Topic: 6
E: 367
MI: 123