Chapter V: "Elasticiy And Its Application" Flashcards
1
Q
A measure of how much buyers and sellers respond to changes in market conditions.
A
Elasticity
2
Q
Measures how the quantity demanded responds to changes in price.
A
Price elasticity of Demand
3
Q
The amount buyers pay and sellers sell. P x Q, area of that box under demand curve.
A
Total Revenue
