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Micro 3 (Elasticity of demand) Flashcards | StudBud

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Demand is Perfectly inelastic where

Price elastic goods have ...

Micro 3 (Elasticity of demand)

5 terms·StudBud Administration·270 plays

Market, elasticity of demand and supply

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Questions 5

Answers

1
Price elastic goods have ...
many substitutes
no substitutes
2
Demand is Perfectly inelastic where
the price does not change when the quantity changes.
where the quantity does not change when the price changes.
the quantity changes sharply when price changes.
3
Price elasticity of demand is computed ...
as the change in income per the change in price
as the change in price per the change in quantity demanded
as the %change in quantity demanded per the %change in price
as the %change in price per the %change in quantity demanded
4
Perfect elasticity's demand curve is...
horizontal
a circle line
vertical
a triangle
5
Price elasticity of demand (PED) can be ...
only 0 or 1
negative or positive number
only positive number
only negative number