question
Price elastcity of demand
answer
Measure of responsiveness of purchasers and suppliers to a change in price
question
Elastic Demand
answer
A form of demand for products in which changes in price correspond to changes in demand.
question
inelastic demand
answer
A situation in which an increase or a decrease in price will not significantly affect demand for the product
question
Unit Elastic Demand
answer
demand is unit elastic when the percentage change in quantity demanded is equal to the percentage change in price, so the price elasticity is equal to 1 in absolute value
question
Perfectly Inelastic Demand
answer
the case where the quantity demanded is completely unresponsive to price and the price elasticity of demand equals zero
question
Perfectly Elastic Demand
answer
the case where the quantity demanded is infinitely responsive to price and the price elasticity of demand equals infinity
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
