ECON 2100 Midterm: ECON 2100 Kennesaw State Exam1 ECON2100 Summer2009 Section04
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Suppose that demand for carrots is unit elastic at all prices. If the price of carrots decreased by 5%, then quantity demanded of carrots would increase, but by less than 5%. increase by exactly 5%. increase, but by more than 5%. also decrease by exactly 5%. Consider a market in which the efficient level of trade is 30,000 units. If 47,500 units are currently being traded, then there is currently a positive deadweight loss. Total social surplus could be increased if more units were traded. Amanda recently had a garage sale at which she sold a used sony playstation 2 for . Her reservation price as the seller of this item was. During the past week in the market for gasoline equilibrium price increased while equilibrium quantity decreased. Consider a market in which quantity demanded is 10,000 units when price is . 00 per unit. Suppose that an increase in supply causes price in this market to decrease to . 00.
