4-3 vocabulary jw Word Scramble
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| Question | Answer |
| A measure of how responsive consumers are to price change. | Elasticity of demand |
| Demand is "elastic" if quantity demanded changes significantly. | Elastic (demand) |
| Demand is "inelastic" if quantity demanded changes little as price changes. | Inelastic (demand) |
| Demand is unit elastic when the percentage change inprice and quantity demanded are the same. | Unit elastic (demand) |
| A company's income from selling its products. | Total revenue |
| A method of measuring elasticity by comparing total revenues. | Total revenue test |
| What factors determine elasticity? | Substitute Goods or Services Proportion of Income necessitites versus Luxuries |
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joannw15
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