George Davis and Michael Wohlgenant

George Davis and Michael Wohlgenant

25) George Davis and Michael Wohlgenant estimate that for every 1 percent increase in the

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price of Christmas trees, quantity demanded falls by 0.6 percent. The demand for

Christmas trees is __________________.

a) elastic

b) unit elastic

c) inelastic

d) perfectly inelastic

quiz

26) Refer to the graph shown. The figure shows the demand and supply curves for eggs and

shows two equilibrium points, E1 and E2. An increase in demand from D1 to D2 would cause

a) price to remain at $1.00 a dozen and a shortage of 2,000 dozen eggs per week.

b) price to rise from $1.00 to $1.25 a dozen and a surplus of 2,000 dozen eggs per

week.

c) price to rise from $1.00 to $1.25 a dozen and equilibrium quantity to be 3,000 dozen

eggs per week.

d) price to decline from $1.25 to $1.00 a dozen and a shortage of 2,000 dozen eggs

per week.

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