Elasticity of Supply and Demand

An increase in income would result in less purchase of inferior goods

What is the demand for a good when the percent change in demand is less than that of price?

The longer the production time, the more elastic the supply

In elastic demand, an increase in price would not change the quantity demanded by much

A supply is more likely to be elastic if it is….

When something is elastic, it adjusts a lot to change in price

The steeper the slope of the supply line, the more —— the supply

The slope of a perfectly elastic demand line is….

Which of these is a normal good?

Which good/service would be considered Inelastic?