Elasticity of Supply: Do Gun Buybacks Work? Practice Questions | Marginal Revolution University

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Practice Questions

Elasticity of Supply: Do Gun Buybacks Work? Practice Questions

Which of the following reasons best describes why the supply of guns in Peekskill, NY is perfectly elastic? *

a. The supply of guns is very limited in Peekskill.

b. It is difficult to increase the supply of guns in Peekskill.

c. The quantity of guns supplied is not affected by the market price of guns.

d. The supply of guns in Peekskill can easily fluctuate due to easy access to a larger, nation-wide gun market.

How does a gun buyback program in Peekskill affect the market for guns in Peekskill? *

a. The demand for guns shifts left.

b. The demand for guns shifts right.

c. The supply of guns shifts left.

d. The supply of guns shifts right.

How will a gun buyback program influence the price of guns in Peekskill if the supply of guns is perfectly elastic? *

a. The price will increase significantly.

b. The price will decrease significantly.

c. The price will remain the same.

Under which conditions are gun buybacks most likely to reduce the supply of guns? *

a. When supply is perfectly elastic.

b. When supply is perfectly inelastic.

c. When demand is perfectly inelastic and supply is perfectly elastic.

d. When gun buybacks are limited to local areas.

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Principles of Economics Microeconomics

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Introduction

Introduction to Microeconomics

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Opportunity Cost and Tradeoffs

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Marginal Thinking and the Sunk Cost Fallacy

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Supply, Demand, and Equilibrium

The Demand Curve

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The Supply Curve

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The Equilibrium Price and Quantity

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Understanding the Demand Curve: Shifts and Consumer Surplus

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What Shifts the Demand Curve?

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Change in Demand vs. Change in Quantity Demanded

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Understanding the Supply Curve: Shifts and Producer Surplus

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What Shifts the Supply Curve?

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Exploring Equilibrium

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Supply and Demand Terminology

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Does the Equilibrium Model Work?

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Elasticity and Its Applications

Elasticity of Demand

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Calculating the Elasticity of Demand

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Office Hours: Elasticity of Demand

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Elasticity of Supply

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Elasticity of Supply: Why Housing is Unaffordable

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Elasticity of Supply: Do Gun Buybacks Work?

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Taxes and Subsidies

Commodity Taxes

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Who Pays the Tax?

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Tax Revenue and Deadweight Loss

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Price Ceilings: Lines and Search Costs

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Price Controls and Communism

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Principles of Economics: Microeconomics

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