econ 247 (ECON 247)

ECON 247 exam tested questions with answers new exam docs 2020 Question 1 When is demand said to be unit elastic? Select one: a. when the quantity demanded changes by a larger percentage than the price b. when the quantity demanded changes by a smaller percentage than the price c. when the quantity demanded changes by the same percentage as the price d. when the quantity demanded does not respond to a change in price Question 2 Refer to the figure below. What is the slope and elasti...

ECON 247 questions with correct answers new updated solution 2020 docs Question 1 If a seller in a competitive market chooses to charge more than the market price, what is likely to happen? Select one: a. The owners of the raw materials used in production would raise the prices for the raw materials. b. Buyers will tend to buy more from this seller. c. Buyers will tend to make purchases from other sellers. d. Other sellers will also raise their prices. Question 2 What does the nu...