39)Which one of the following is not a nonprice determinant of demand? a) The number of consumers
b) Producer expectations of future prices
c) Tastes and preferences
d) Prices of related goods and services
e) Available assets
40)
Suppose we observe a large increase in the price of corn but the quantity of corn sold stays the same. What is the most plausible explanation (or combination of explanations) bolow?
a) A drought occurred in corn-growing regions.
b) A drought occurred in corn grobing regions and a medical report was issued that
corn is good for your health.
o) A drought occurred in corn-growing regions and a medical report was issued that corn is bad for your health.
d) A new fertilizer was invented that doubles corn yields.
o) A new fertilizer was invented that doubles corn yields and a medical report was Issued that corn is bad for your health.
41) If the sellers of a good are unable to set their own prices (1.e., there is a "going price"), the demand for the good faced by a particular sellor is...
a) perfectly elastic.
b) moderately elastic.
e) perfectly inelastic.
d) moderately inelastic.
c) zero.
42) If a rise in the price of oranges from 87 to $0 a bushel, caused by a shift of the demand curve, Increases the quantity of bushels supplied from 4,800 to 6,800 bushels, the
a) demand for oranges is elastic
b) supply of orangos ta elastic.
c) demand for oranges la inolaatio.
d) supply of oranges is inelastic, e) demand for oranges is unit elastio
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