Elasticity
Elasticity Summary
Elasticity
Elasticity Summary
Everything elasticity, all in one place!Â
1
concept
Elasticity Summary
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Problem
ProblemA linear, downward-sloping demand curve is
A
Inelastic
B
Unit Elastic
C
Elastic
D
Inelastic at some points, and elastic at others
3
Problem
ProblemAn increase in the supply of a good will increase the total revenue producers receive if:
A
The demand curve is inelastic
B
The demand curve is elastic
C
The supply curve is inelastic
D
The supply curve is elastic
4
Problem
ProblemA life-saving machine without any close substitutes will tend to have:
A
A small price elasticity of demand
B
A large price elasticity of demand
C
A small price elasticity of supply
D
A large price elasticity of supply