ECN 104 – possible Midterm Questions with Richard Chisik at Toronto Metropolitan University Introductory Microeconomics 2025 new update

ECN 104 – possible Midterm Questions with Richard
Chisik at Toronto Metropolitan University
Introductory Microeconomics 2025 new update




Question 1:




Consider the market for computer games in the graph above. What is the deadweight loss
associated with an $8 price ceiling?

Question 1 options:
$30
There is no deadweight loss
$15
$45

,Question 2:

Which of the following may be the result of a price ceiling?

Question 2 options:
The price of the good decreases.
Black markets emerge.
Shortages occur.
All of the above may be the result of a price ceiling.


Question 3:

Cars may be categorized as a normal good. Which of the following may represent the income
elasticity of demand for cars?

Question 3 options:
0.4

, -0.3
-0.5
All of the above


Question 4:

If hot dogs are an inferior good, when incomes the demand for hotdogs will

Question 4 options:
Increase, increase
Increase, decrease
Decrease, remain constant.
Decrease, decrease


Question 5:

Egg producers know that the elasticity of demand for eggs is 0.1. What would be the percentage
decrease in the price of eggs if the quantity demanded increased by 5%?

Question 5 options:

5%
1%
50%
0.1%


Question 6
This year Canada is hit particularly hard with a cold winter, causing people to want more winter
coats. This significant drop in temperatures will lead to a(n) in equilibrium quantity and
a(n) in equilibrium price of winter coats.

Question 6 options:

increase, increase
decrease, decrease
increase, decrease
decrease, increase