Elasticity and Incentives Answers
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The lowest amount a manufacturer can pay factory workers is an example of
A
an incentive.B
a price floor.C
a price ceiling.D
an elastic service.2
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In economics, if a good is inelastic,
A
consumers have lost an interest in purchasing it.B
producers have lost an interest in manufacturing it.C
its supply or demand is too sensitive to price changes.D
its supply or demand is not sensitive to price changes.3
The graph shows the price of a good compared to the quantity supplied.This graph demonstrates how
A
the amount produced slightly changes with the price.B
the amount produced greatly changes with the price.C
the amount consumed slightly changes with the price.D
the amount consumed greatly changes with the price.4
Which is an example of a positive incentive for consumers?
A
a sales tax imposed by a stateB
a steady rise in profits over a yearC
a coupon clipped from a newspaperD
an increase in price for a popular product5
Which statement best explains how elasticity and incentives work together?
A
An elastic good, such as a game, is more likely to respond to incentives.B
An inelastic good, such as a game, is more likely to respond to incentives.C
An elastic good, such as a game, is less likely to respond to incentives.D
An inelastic good, such as a game, is less likely to respond to incentives.Did you find these answers helpful?
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