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Market Equilibrium and Applications - MIT OpenCourseWare

Practice Multiple Choice Questions Answers are bolded. Explanations to come soon!! For more, please visit: Market Equilibrium and Applications 1. You know the following facts: a) the Boston Celtics have just won the 1989 NBA championships with the LA Lakers. Both Larry Bird and Magic Johnson, wearing Converse basketball shoes, have played magnificently. As a result, millions of young boys and girls wish to emulate them in every particular. b) Converse announces major labor strikes by 50% of their employees. What is the effect on Price and Quantity exchanged in the Market for Converse basketball shoes? A. price would increase and quantity exchanged would decrease. B. price and quantity exchanged would both decrease. C. price would increase and quantity exchanged would be indeterminate.

from $1.50 to $1.00 per unit. The price elasticity of demand for this product is approximately: A. 1.0 B. .16 C. 2.5 D. 4.0 2. If the elasticity of demand for a commodity is estimated to be 1.5, then a decrease in price from $2.10 to $1.90 would be expected to increase daily sales by: A. 50% B. 1.5% C. 5% D. 15% 3.

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