Stack #4089637
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | The percentage change in the demand of one good divided by the percentage change in the price of another good; it’s positive for substitutes, negative for complements, and zero for unrelated goods
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| show | The percentage change in demand divided
by the percentage change in consumer income; the value is positive for normal goods and negative for inferior goods
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| show | A percentage change in price causes an identical percentage change in quantity supplied; depicted by a supply curve that is a straight line from the origin; the elasticity value equals 1.0
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| show | A price change has relatively little effect on quantity supplied; the percentage change in quantity supplied is less than the percentage change in price; the price elasticity of supply is less than 1.0
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| show | The percentage change in quantity supplied equals the percentage change in price; the price elasticity of supply equals 1.0
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| show | A price change has a relatively large effect on quantity supplied; the percentage change in quantity supplied exceeds the percentage change in price; the price elasticity of supply exceeds 1.0
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| perfectly elastic supply curve | show 🗑
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| show | A vertical line, which means that a price change has no effect on the quantity supplied; the elasticity value is zero
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| show | Measures the responsiveness of quantity supplied to a price change; the percentage change in quantity supplied divided by the percentage change in price
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| perfectly inelastic demand curve | show 🗑
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| unit-elastic demand curve | show 🗑
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| constant-elasticity demand curve | show 🗑
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| show | A horizontal line, which means that any price increase would reduce quantity demanded to zero; the elasticity has an absolute value of infinity
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| price elasticity of demand | show 🗑
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| show | A change in price has relatively little effect on quantity demanded; the percentage change in quantity demanded is less than the percentage change in price; the resulting price elasticity has an absolute value less than 1.0
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| show | The percentage change in quantity demanded equals the percentage change in price; the resulting price elasticity has an absolute value of 1.0
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| show | A change in price has a relatively large effect on quantity demanded; the percentage change in quantity demanded exceeds the percentage change in price; the resulting price elasticity has an absolute value exceeding 1.0
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| total revenue | show 🗑
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| show | A straight-line demand curve; such a demand curve has a constant slope but usually has a varying price elasticity
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Created by:
user-1794339