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Elasticity Flashcards | StudBud

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Elasticity

8 terms·StudBud Administration·77 plays

An #assessment of elasticity for #AP Microeconomics

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Questions 8

Answers

1
What is this graph called?
Perfectly inelastic
Perfectly elastic
Elastic =1
Vertical line
2
Long run is inelastic
False
True
3
Total revenue is
wages
the total income of a business
money made
the usefulness of a good
4
Which is NOT an Elasticity determinant
Necessity v. luxury
Time Horizons
Substitutes
Revenue
5
Did you learn anything from this lesson?
No
Yes
Wasn't paying attention
Somewhat
6
What is Elasticity?
Elastic
How stretchy something is
The flexibility of a rubber band
How much one variable changes in response to another
7
The graphs or curves for elastic supply are different from elastic demand.
False
True
8
What is ONE determinant of Elasticity
Quantity Supply
Ice cream
Substitutes
Quantity Demand