question
demand curve
answer
downward sloping
question
supply curve
answer
upward sloping
question
decrease in demand
answer
a leftward shift of the demand curve
question
increase in demand
answer
a rightward shift of the demand curve
question
inelastic demand
answer
A situation in which an increase or a decrease in price will not significantly affect demand for the product
question
inelastic product
answer
price goes up, total revenue goes up vice versa
question
elastic product
answer
price goes up, total revenue goes down
question
elastic demand
answer
A situation in which consumer demand is sensitive to changes in price
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