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In each of the following cases only one answer is correct. Write the letter that represents the correct answer,
next to each number. E.g. 1.11 a
1.1 Which one of the following statements is false?
a) Choice is necessary because of limited wants.
b) The means available to satisfy wants are limited.
c) The wants of human beings are unlimited.
d) The opportunity cost of producing a given commodity is the value of the best forgone alternative which
could have been produced with the factors of production used in its production.
Is this true or false
the past year, they sold 4,000 of these skateboards. The company believes that the price
elasticity for this product is about −2.5. If it decreases the price to $63, what should be the
quantity sold? Will revenue increase? Why?
1. EJ'S restaurant wanted to increase its lunch business. The owners distributed coupons good for $1 off every lunch order, Business increased by 25 percent. It is: ____ Because:____
2. American Eagle clothing store has a successful two for the price of one sale. THe owners next tried three for the price of one sale on remaining clothes. This sale was not nearly as successful. It is:___ Because:____
(a)At what point price is demand inelastic?
(b)at what price is demand unitary elastic