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Figure 2 8. Refer to Figure 2. The elasticity of demand between point B and point C, using the midpoint method, is a. 0.5. b. 0.75. c. 1.0. d. 1.3. 9. Refer to Figure 2. If the price decreased from $18 to $6, a. total revenue would increase by $1,200 and demand is elastic between points A and C.
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3) Refer to Figure 5 -9. The efficient output is 3) A) Q 1 . B) Q 2 . C) Q 3 . D) Q 4 . 4) The market demand for a public good can be determined by 4) A) estimating the value of the benefit that each unit provides and multiplying that by the number of consumers. B) adding up how much each citizen expects to consume at each possible price.
Figure 4-8 ____ 35. Refer to Figure 4-8. If price in this market is currently $14, there would be a a. shortage of 20 units and price would tend to rise. b. surplus of 20 units and price would tend to fall. c. shortage of 40 units and price would tend to rise. d. surplus of 40 units and price would tend to fall.
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