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Matching Post Quiz
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Match the correct answers below.
1


Perfectly inelastic.

2


P x Q.

3


Result in a reduction in supply, an increase in price, and higher revenues for farmers.

4


Measures the change in quantity demanded of a good given a change in the price of that good.

5


A percentage change in quantity supplied divided by a percentage change in price.

6


Perfectly elastic.

7


1 percent increase in price that results in a less than 1 percent decrease in quantity demanded.

8


Can be shown by shifting the supply curve upward.

9


The practice of charging different prices to different buyers.

10


The group that will bare the burden of a tax if demand is inelastic relative to supply.

11


Can be shown by shifting the supply curve downward.

12


Associated with an increase in the minimum wage.

13


The group that will bare the burden of a tax if supply is inelastic relative to demand.

14


Will generally lead to shortages.

15


Will result in an increase in total revenue when demand is price inelastic.

Answer choices for questions 1 through 15
A)TR
B)Price ceilings
C)Price increase
D)Price elasticity of demand
E)Price elasticity of supply
F)Agricultural production restrictions
G)Price discrimination
H)Imposition of a subsidy
I)Unemployment increase
J)Price-inelastic demand
K)Vertical demand curve
L)Horizontal demand curve
M)Imposition of a tax
N)Consumers
O)Producers





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