Chapter 5 - Elasticity and its Application
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9 Terms
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behavior of buyers
Other elasticities are used to describe the ________ in a market.
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US government
The ________ has spent billions of dollars each year to discourage the use of illegal drugs.
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Demand
________ is considered elastic when the elasticity is greater than 1.
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Elasticity
________- a measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants.
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supply of oil
When the ________ falls, the response depends on the time horizon.
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Drug interdiction
________ could increase drug- related crime.
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Total revenue
________- the amount paid by buyers and received by sellers of a good, computed as the price elasticity of demand rise of the good times the quantity sold.
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Oil
________ was the cause of the most disruptive events in the worlds economy.
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US government
The ________ has spent billions of dollars each year to discourage the use of illegal drugs.