summative Flashcards
1
Q
(demand) - non price determinants
A
- INCOME
- TASTE
- EXPECTATION
- PRICE OF RELATED GOODS
- POPULATION
2
Q
(supply) - non price determinants
A
- COST OF PRODUCTION
- TECHNOLOGY
- AVAILABILITY OF RAW MATERIALS
- NUMBER OF PRODUCERS
- PLANTS AND FACILITIES
- LABOR
3
Q
a measure of how strong demand and supply respond to changes in their determinants
A
ELASTICITY
4
Q
a change in a determinant will lead to a proportionately greater change in demand or supply
A
ELASTIC
5
Q
a change in a determinant will lead to a proportionately lesser change in demand or supply
A
INELASTIC
6
Q
a change in a determinant will lead to a proportionately equal change in demand or supply
A
UNITARY ELASTIC
