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Elasticity of Supply and Demand Flashcards | StudBud
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Elasticity of Supply and Demand
Elasticity of Supply and Demand
8 terms
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StudBud Administration
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Econ (Micro)
Flashcards
8 cards
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Questions
8
Answers
1
The shape of an elastic supply curve:
gently upward sloping
horizontal
gently downward sloping
sharply downward
2
the P of water goes up by 20% and the Q goes down by 10%. Water is:
inelastic
unit elastic
elastic
can not be determined
3
the P of apples goes up 18% and the Q goes down by 18%. Apples are:
unit elastic
elastic
can not be determined
inelastic
4
The shape of an elastic demand curve
vertical
sharply downward sloping
gently downward sloping
gently upward sloping
5
Which of these products is the most INELASTIC?
A Lexus
Lobster
the price of a toll through Fort McHenry
Grape Juice
6
The shape of a perfectly inelastic demand curve
horizontal
sharply upward sloping
perfectly diagonal
vertical
7
The shape of a unit elastic supply curve:
gently downward sloping
horizontal
perfectly diagonal upward
gently upward sloping
8
Banjos.com raises its price from $100 to $110. Sales drop from 100 to 25. Banjos are
elastic
inelastic
unit elastic
can not be determined