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ECS1501-25-EX10B

ECS1501-25-EX10B

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Supply can be defined as

the quantities of a good or services that potential buyers are willing and able to buy.

the quantities of a good or services that producers plan to sell during a certain period.

100%

the provision of the goods and services to satisfy the unlimited wishes or desires of people.

the number of goods and services that can be bought on the open market

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If the owners of Ster Kinekor movie theatres discounted the admission fees by 30 per cent, average attendances would rise by 50 per cent. Based on this data, it could be concluded that the price elasticity of demand for movie tickets is

unitary elastic.

elastic.

inelastic.

perfectly elastic.

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Given the demand for a product as Qd = 30 - 6P and the supply is given as Qs = 18 + 2P. If the price is 3, then there will be a surplus of units.

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If tortilla chips are a normal good, when there is an increase in income, equilibrium price _____ and equilibrium quantity _____.

increases; increases.

100%

increases; decreases.

decreases; decreases.