Tackle the Test: Multiple-Choice Questions

  1. Question

    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
    A perfectly elastic demand curve is
  2. Question

    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
    Which of the following would cause the demand for a good to be relatively inelastic?
  3. Question

    bsDFle7oBYS2AJAJM9mb3axjBjoBFanwzW5KPYQZN0OwFgVAxdLjj8sbFVLDQbFVgUMcVGSYyfXxcOP0+2oulVwJDPbJgqNak0utMjN6FELzkBynMsDy43bevPps++vE6MY8Mz/TJsXab89/Wtmtdt+PU5yttCYGO8XA2RZ/VPhvakQnD8MUV2ZWBevG0r7VEX9fF0TsKQykIrCMBT+OtxtOZ4YGmv0Yr6mDh+zve8E9cHbpkiiDvW23tNAUTj1RXDl6WmiagSPP4M3HEar6CZiZo4rrLKYgcLq9k/hHWoul4slAufRG7hqo2i84tpwCFVZFYVGQiVVhOmMZsrhy1dw6AY6NTnm5JGJ/vOhoj5qXFW40g6cAzuBX2/cxpaMiXyVP5HZ2NGosRyIPqrllFc7Rlrb1ondwrwWehDlByZJzzBmj6FoFBxextTYrOaBOeCC6m18llrsmQrpTDbRChgB6HAC45p5Fmg26vNNI7pZ9p3XxEF7MFsnCKopn7usPT2fdUfxEVCLQVxMDss9rPngv6fOWddUixeQQpElerKVxwWz11NFx0rRvuVo99VWyXbtwyZsMBv+/5UPZ1t7gTUs1/8AS8WLkavQq0h6z6pUaCLfk3zqiEKfj5BXg5967NwvxCawEy1C8Sok6XzIxZRVd4hyCZihFpIHbfRl9pFnLUAUnYAPq2HWmalanbBF+Nvl7Hf45JHU5/kVVPI4zsYFWFT06O8BM4cLVLXGseGAmn4y+7FFl7Skd/0gAoBeeObqjn0FvoljhP0kYavfV+LG76rf2VxKbVG+AtaTySFDDwjOc6T0TmwLKtrGN0sB/IYt8JRiMT+GaHJmwak7cMCIe5WGBInXDhmsDiJtRxIkBZgLm9R7N9VTFHD8giaR84xd25Ta5EF1+YcAdu11tPfkkmIA1j+cXyYKmlgH7iUeYhyvvdHhrpa6sqjafwHdhgk+Xno2u41QdpZ74EGwcCY/zP+7RMnUG2X0AEVwwAHG0HJAIME7H+SoStsfXtV8QbDn/krsA8fp7Wlwb0eqS/XQuM4i7Ybtdj0HERkwGqCHNCcEW7TGxTCuIznBVGjMT3isVAA==
    Which of the following is true if the price elasticity of demand for a good is zero?
  4. Question

    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
    Which of the following is correct for a price increase?
  5. Question

    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
    Total revenue is maximized when demand is