Elasticity

The law of demand and supply is ______

The responsiveness (or sensitivity) of consumers and producers to price and income changes is defined by the concept of __________

The own ____________ tells us the degree of responsiveness of consumers to price change of the commodity

Tells us the degree of responsiveness of consumers to a price change of another commodity.

Tells us how sensitive the consumer demand is following an income change

Indicates the responsiveness of producers’ supply following a change in the price of the product.

If a specific percentage change in price results in a smaller percentage change in quantity demanded, 𝐸_𝑑 will be less than and said to be

Demand is said to be

When the price of a good changes, the price revenue (or sales) of the firm does not change

True

False

Tells us how sensitive consumer purchases of a good are to change in the price of another commodity.

The degree to which buyers respond to a change in their incomes is known as the

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