Elascity

Question 1

Products with close____ have more elastic demand.

Answer 1

substitutes

Question 2

Products with close substitutes have _____.

Answer 2

more elastic demand

Question 3

Products with____ many have less elastic demand.

Answer 3

complements

Question 4

Products with many complements have____

Answer 4

less elastic demand.

Question 5

Demand for brands is____than industry demand.

Answer 5

more elastic

Question 6

Demand for brands is more elastic than____

Answer 6

industry demand

Question 7

In the long run, demand becomes_____.

Answer 7

more elastic

Question 8

In the____, demand becomes more elastic.

Answer 8

long run

Question 9

As price increases, demand becomes____.

Answer 9

more elastic

Question 10

As price____, demand becomes more elastic.

Answer 10

increases

Question 11

Quantity changes more than price?

Answer 11

Elastic

Question 12

Quantity changes less than price?

Answer 12

Ineleastic

Question 13

Market demand describes____?

Answer 13

Buyer behavior

Question 14

Market supply describes_____ in a competitive market.

Answer 14

Seller behaviour

Question 15

Market____ describe buyer behavior?

Answer 15

Demand

Question 16

Market____ describes seller behavior in a competitive market.

Answer 16

Supply

Question 17

Increasing ____ costs eventually cause increasing ____ costs

Answer 17

marginal

average