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Author Question: The figure illustrates the market for bagels. Initially the market is in equilibrium, Then the ... (Read 162 times)

gbarreiro

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on: Jun 29, 2018
The figure illustrates the market for bagels. Initially the market is in equilibrium, Then the number of bagels produced is cut from 20 to 10 an hour and the price rises to 2.00 per bagel. Consumer surplus decreases by ________.
 
  A) 5.00 an hour
  B) 2.50 an hour
  C) 7.50 an hour
  D) 0.50 a bagel

Question 2

When demand is ________, a decrease in price ________ total revenue.
 
  A) elastic; decreases
  B) inelastic; decreases
  C) unit elastic; increases
  D) elastic; does not change


chem1s3

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

B


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