Chapter 4- Section 3

Question 0

The extent to which a change in price causes a change in the quantity demanded

Answer 0

Demand elasticity

Question 1

A measure of responsiveness set tells us how a dependent variable such as quantity responds to a change in an independent variable such as price

Answer 1

Elasticity

Question 2

When I given change in price causes a relatively larger change in quantity demanded

Answer 2

Elastic

Question 3

A given change in price causes a relatively small change in the quantity demanded

Answer 3

Inelastic

Question 4

A given change in price causes a proportional change in quantity demanded

Answer 4

Unit elastic

Question 5

Multiplying the price of a product by the quantity demanded for any point along the demand curve

Answer 5

Total expenditures

Question 6

What makes the demand for a specific good elastic or inelastic?

Answer 6

Can the purchase be delayed, or adequate substitutes available, does a purchase using large portion of income