chapter 6 Flashcards
1
Q
what does price elasticity demand refer to?
A
2
Q
what are 3 types of elasticity?
A
e > 1
e < 1
e = 1
3
Q
how does time effect price elasticity?
A
4
Q
what is total revenue?
A
5
Q
if a demand is elastic what happens to an increase in price?
A
6
Q
when does a higher price increase total revenue?
A
7
Q
what are complementary goods?
A
8
Q
what does income elasticity measure?
A
9
Q
what happens to a demand of inferring goods when the income falls?
A
10
Q
what are normal goods?
A
11
Q
what does elasticity of supply look at?
A
12
Q
e > 1
A
13
Q
e < 1
A
14
Q
e = 1
A
