Quizlet
or
Familiarize |
Learn |
Test |
|||
Play Scatter |
Play Space Race |
||||
Voice Race |
|||||
 Combine with other sets |
Login to add to Favorites |
| Print: Term List | Flashcards |
Editing not allowed |
| Export |
Deleting not allowed |
| With group: None | |
| HTML link to set: | Tiny link: |
 Share on Facebook |
 Share on MySpace |
| Term | Definition |
|---|---|
| elasticity of demand | a measure of how consumers respond to price changes |
| inelastic | describes demand that is not very sensitive to price changes |
| elastic | describes demand that is very sensitive to a change in price |
| unitary elastic | describes demand whose elasticity is exactly equal to 1 |
| total revenue | the total amount of money a company receives by selling goods or services |
!