Elasticity of Demand and Supply 17 Questions Quiz

We demand almost as much even though the price goes up quite a bit.

As prices decrease, quantities increase.

Which are inelastic?

Which curve is Relatively Inelastic?

As prices decrease, quantities decrease.

The image is a:

Which image (a,b,c, or d) represents surplus?

Which curve is Unitary Elastic?

Which are elastic?

Which curve is Relatively Elastic?

A product that is a small percentage of your income (like gum or fries). 

Which image (a,b,c, or d) represents shortage?

As prices increase, quantities decrease.

If you don't have time to change from one product to another. The product would be:

Necessities have:

The image is a:

% of change in Price > % ofchange in Quantity demanded