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Elasticities of Demand and Supply Flashcards | StudBud

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Elasticities of Demand and Supply

4 terms·StudBud Administration·59 plays

Economics

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Questions 4

Answers

1
The stronger the substitutes, the _______ __________ the demand for the good is.
greater
more price inelastic
less price elastic
more price elastic
2
The less proportion of the income spent on the good, the demand for it is _______ _______.
lower
price elastic
price inelastic
higher
3
What is the definition of PED? It measures the degree of...
responsiveness of price change due to change in qty dd, c.p.
responsiveness of Qtyss due to price of thegood itself, c.p.
responsiveness of Qtydd due to price of thegood itself, c.p.
responsiveness of change in Y to a given change in price
4
The supply of the good is _____ _______ if it takes a longer time period to produce.
price inelastic
price elastic
infinite
perfectly price elastic