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1、1.?Adecreaseinsupplywillcausethelargestincreaseinpricewhen?a.?bothsupplyanddemandareinelastic.?b.?bothsupplyanddemandareelastic.?c.?demandiselasticandsupplyisinelastic.?d.?demandisinelasticandsupplyiselastic.ANSWER:??aDIFFICULTY:??ChallengingLEARNING?OBJECTIVES:??ECON.
2、MANK.090-Evaluatethepriceelasticityofsupply.TOPICS:??ElasticityKEYWORDS:??BLOOM'S:AnalysisCUSTOM?ID:??001.05.3-MC-MANK082.?Adecreaseinsupplywillcausethesmallestincreaseinpricewhen?a.?bothsupplyanddemandareinelastic.?b.?demandiselasticandsupplyisinelastic.?c.?bothsupply
3、anddemandareelastic.?d.?demandisinelasticandsupplyiselastic.ANSWER:??cDIFFICULTY:??ChallengingLEARNING?OBJECTIVES:??ECON.MANK.090-Evaluatethepriceelasticityofsupply.TOPICS:??ElasticityKEYWORDS:??BLOOM'S:AnalysisCUSTOM?ID:??002.05.3-MC-MANK083.?Thediscoveryofanewhybridw
4、heatwouldincreasethesupplyofwheat.Asaresult,wheatfarmerswouldrealizeanincreaseintotalrevenueifthe?a.?supplyofwheatiselastic.?b.?supplyofwheatisinelastic.?c.?demandforwheatisinelastic.?d.?demandforwheatiselastic.ANSWER:??dDIFFICULTY:??ModerateLEARNING?OBJECTIVES:??ECON.
5、MANK.090-Evaluatethepriceelasticityofsupply.TOPICS:??ElasticityPriceelasticityofdemandKEYWORDS:??BLOOM'S:ApplicationCUSTOM?ID:??003.05.3-MC-MANK084.?Becausethedemandforwheattendstobeinelastic,thedevelopmentofanew,moreproductivehybridwheatwouldtendto?a.?increasethetotal
6、revenueofwheatfarmers.?b.?decreasethetotalrevenueofwheatfarmers.?c.?decreasethedemandforwheat.?d.?decreasethesupplyofwheat.ANSWER:??bDIFFICULTY:??ModerateCopyrightCengageLearning.PoweredbyCognero.Page?17LEARNING?OBJECTIVES:??ECON.MANK.272-Givendataonthepriceelasticityo
7、fdemand,identifytheeffectofapricechangeontotalrevenue.TOPICS:??ElasticityPriceelasticityofdemandKEYWORDS:??BLOOM'S:ApplicationCUSTOM?ID:??004.05.3-MC-MANK085.?Knowingthatthedemandforwheatisinelastic,ifallfarmersvoluntarilydidnotplantwheaton10percentoftheirland,then?a.?
8、consumersofwheatwouldbuymorewheat.?b.?wheatfarmerswouldsufferareductionintheirtotalrevenue.?c.?wheatfarmerswouldexper
