Chap 6 Flashcards by Katherine Pierce | Brainscape

Q

Inelastic

A

less than 1

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Q

Elastic

A

greater than 1

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Q

Factors Affecting the price of Elasticity #1

A

portion of consumer income

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Q

Factors Affecting the price of Elasticity #2

A

Access to substitutes

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Q

Factors Affecting the price of Elasticity #3

A

Necessities vs Luxuries

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Q

Factors Affecting the price of Elasticity #4

A

Time

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