Set: perfectly elastic and inelastic demand

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All 2 terms

TermDefinition
perfectly elastic demandwhen a 1% change in the price would result in an infinite change in quantity demanded.
perfectly inelastic demandwhen a 1% change in the price would result in no change in the quantity demanded

Set Information

Terms 2
Creator kimleyeng
Created July 21, 2007
Group econ100
Subjects inelastic, elastic, demand
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Most Missed Words

  1. perfectly inelastic demand when a 1% change in the price would result in no change in the quantity demanded - 5 misses
  2. perfectly elastic demand when a 1% change in the price would result in an infinite change in quantity demanded. - 4 misses