29 . If both demand and supply have traditional curves , a higher equilibrium price may be caused by which one of the following ?
30 . If the price for a good is fixed by government fiat below market equilibrium price , which one of the following will occur ?
31 . A price ceiling that is below the market equilibrium price would be expected to result in which one of the following sets of effects on demand and supply ?
32 . Which of the following characteristics would indicate that an item sold would have a high price elasticity of demand ?
33 . An increase in the price of Commodity Y from $ 50 to $ 60 resulted in an increase in the quantity supplied , from 80 units to 88 units . Which one of the following is the price elasticity of supply ?
34 . A company has a policy of frequently cutting prices to increase sales . Product demand is significantly elastic . What impact would this have on the company ' s situation ?
35 . If demand for a product is elastic , what would be the effect of a price increase and a price decrease on total revenue ( TR ) generated ?
36 . In which of the following situations would there be inelastic demand ?
37 . The elasticity of demand is measured by
38 . A 4 % increase in the market price of Commodity X resulted in an 8 % increase in the quantity of Commodity X supplied . Which one of the following statements is correct ?
39 . As an individual acquires ( or consumes ) more units of a commodity over a given time period , what is the effect on the individual ' s total utility and marginal utility ?