ch 5 econ
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9 Terms
The price elasticity of demand measures by what percent the _____ will change following a 1% price increase.
quantity demanded
When demand is _____, a decrease in supply _____ revenue.
inelastic ; increases
Supply is elastic if the price elasticity of supply is:
larger than one
_____ occurs when the percent change in quantity supplied is zero for any change in price.
perfectly inelastic supply
Which is the effect of consumer search on demand?
it makes demand more elastic
The price elasticity of supply measures by what percent the quantity _____ will increase following a 1% _____.
supply price rise
The price elasticity of supply is a _____ number, because changes in price lead to changes in quantity in _____ along a supply curve.
postive the same direction
An elastic demand curve is _____, while an inelastic demand curve is _____.
realtivy flat,, realtivly steep
When the percent change in price is _____ than the percent change in quantity demanded, demand is _____.
larger ; ineleastic