lessaurn 4 elasticity

Question 1

degree of responsiveness of one variable to another variable

Answer 1

elasticity

Question 2

measures the buyers and sellers reactions in price changes

Answer 2

elasticity

Question 3

BUYERS’ reaction to changes in the price of goods and services

Answer 3

elasticity of demand

Question 4

if the price increases, the quantity demand decreases, and if the price decreases, the quantity demanded increases

Answer 4

law of demand

Question 5

consumers will only pay for a specific price. goods that are unimportant (luxury type)

Answer 5

elastic demand

Question 6

goods that people only buy when the price is low (includes gadgets, pricey shoes, and clothes, luxury bags)

Answer 6

elastic demandc

Question 7

consumers will play almost any price for the product

Answer 7

inelastic demand

Question 8

at any price, people will still buy it because they need it to survive (food, water, clothing, shelter)

Answer 8

inelastic demand

Question 9

change in price results in an equal change in quantity demanded. falls for the semi-luxury and semi-essential goods

Answer 9

unitary demand

Question 10

without a change in price, there is an infinite change in quantity demanded. falls for the goods or services that have high competition in the market (gadgets)

Answer 10

perfectly elastic demand

Question 11

change in price creates no change in quantity demanded. falls for the goods or services that involved a life-death situation. (medicine)

Answer 11

perfectly inelastic demand

Question 12

whatever the price is, you have to buy or consume it, or else you will not survive

Answer 12

perfectly inelastic demand

Question 13

factors can affect the responses of the buyers when the price changes

Answer 13

number of good substitutes
price increase in proportion to income
importance of the product to the consumers

Question 14

reaction of the suppliers or producers of goods and services when there is an increase or decrease in price

Answer 14

elasticity of supply

Question 15

five types of supply elasticity

Answer 15

elastic supply
inelastic supply
unitary supply
perfectly elastic supply
perfectly inelastic supply

Question 16

change in price results in a greater change in quantity supplied. when they notice an increase in prices, they will produce more to incur more profits

Answer 16

elastic supply

Question 17

change in price results to a lesser change in quantity supplied. farmers even with increases in price, they cannot quickly increase their production because they have to wait for their crops.

Answer 17

inelastic supply

Question 18

a change in price results in an equal change in quantity supplies.

Answer 18

unitary supply

Question 19

without a change in price, there is an infinite change in quantity supplied. even with the increase in laborers’ supply, laborers’ salary remains fixed or
without changes.

Answer 19

perfectly elastic supply

Question 20

change in price does not affect quantity supplied.

Answer 20

perfectly inelastic supply

Question 21

factor that can affect the responses of the sellers

Answer 21

time

Question 22

formula of elasticity dwemand

Answer 22

ay nako alam niyo na yan pagod na ako