If a fisher must sell all of his daily catch before it spoils for whatever price he is offered once the fish are caught the fisherman’s price elasticity of supply for fresh fish is ?

Related Mcqs:

1. If supply is price inelastic the value of the price elasticity of supply must be ?

   A. infinite
   B. Zero
   C. less than 1
   D. none of these
   E. greater than 1

2. Suppose that at a price of Rs 30 per month there are 30000 subscribers to cable television in small Town. If small Town Cablevision raises its price Rs40 per month the number of subscribers will fall to 20000 Using the midpoint method for calculating the elasticity what is the price elasticity of demand for cable TV in Small Town ?

   A. 1.4
   B. 0.66
   C. 0.75
   D. 2.0

3. An increase in price from 25 pence to 30 pence leads to an increase in the quantity supplied from 40 units to 44 units. The price elasticity of supply is ?

   A. +2
   B. +0.5
   C. -2
   D. -0.5

4. The price elasticity of supply is +4 The price increases by 15% sales were originally 200 units What will they be now ?

   A. 80 units
   B. 320 units
   C. 60 units
   D. 120 units

5. If the quantity demanded of beef increases by 5% when the price of chicken increase by 20% the cross-price elasticity of demand between beef and chicken is ?

   A. -4
   B. 0.25
   C. 4
   D. -0.25

6. If the price elasticity of demand is unit then a fall in price ?

   A. Reduces revenue
   B. Leaves revenue unchanged
   C. Increase revenue
   D. Reduces costs

7. Price increases from 10 to 12 pence and the price elasticity of demand is -0.5 The quantity demanded was 500 units. What will it be now ?

   A. 550 units
   B. 500 units
   C. 450 units
   D. 490 units

8. If the price elasticity of demand for a product in market A is -0.2 and in market B is -3 a price discriminator will charge ?

   A. The higher price in market A
   B. The higher price in market B
   C. The same Price in both markets
   D. Cannot tell which price will be higher

9. When supply exceeds demand, sellers must lower prices to stimulate sales, when demand exceeds supply, prices increase as buyers compete to buy goods. What this theory is called in economics?

   A. Cost push theory
   B. Supply and Demand theory
   C. Fundamental theory
   D. Ricardo’s theory

10. In certain industries Japanese employers hesitate to lay off workers Therefore they sometimes have excess supplies of goods that they cannot sell on the home market without lowering prices. To hold down losses they sell goods in overseas markets at prices well beneath those in japan This practice is best referred to as ?

    A. Orderly marketing
    B. trigger pricing
    C. domestic content pricing
    D. dumping