NAME: ________________________

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of 12 available terms

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4 Written Questions

4 Multiple Choice Questions

  1. a numerical measure of the responsiveness of Qd or Qs to one of its determinants
  2. measures how much Qs responds to a change in P
  3. -the extent to which close substitutes are available
    -whether the good is a necessity or a luxury
    -how broadly or narrowly the good is defined
    -the time horizon - elasticity is higher in the long run than the short run
  4. measures how much Qd responds to a change in P

4 True/False Questions

  1. midpoint methodthe number halfway between the start & end values, the average of those values

          

  2. revenueprice times quantity

          

  3. inelastic demandD curve: relatively steep
    Consumers' price sensitivity: relatively low
    Elasticity: <1

          

  4. perfectly elastic demandD curve: horizontal
    Consumers' price sensitivity: extreme
    Elasticity: infinity

          

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