Economics Unit 2 Definition

An almost zero percentage change in price brings a very large percentage change in the quantity supplied.

• Perfectly inelastic supply

• Perfectly elastic supply

• elastic supply

• inelastic supply

The percentage change in the quantity supplied exceeds the percentage change in price.

• Perfectly elastic supply

• Perfectly inelastic supply

• elastic supply

• inelastic supply

The percentage change in the quantity supplied equals the percentage change in price.

• Inelastic supply

• Perfectly inelastic supply

• Unit elastic supply

• Perfectly elastic supply

The percentage change in the quantity supplied is less than the percentage change in price.

• elastic supply

• Inelastic supply

• Perfectly Inelastic supply

• Perfectly elastic supply

Two Main —Influences on the Price Elasticity of Supply

• Production possibilities

• Income

• Selling Price

• Storage possibilities

( ) are the two words that economists use most often.

A ( ) is a group of buyers and sellers of a particular good or service. 

Buyers determine ( ).

• supply

• demand

( ) is the relationship between the various possible prices of a product and the quantities of that product consumers are willing to purchase.

• Supply

• Demand

• Quantity Demanded

• Quantity Supply

( ) is the amount of a good that buyers are willing and able to purchase.

• demand

• Quantity demanded

• Supply

• Quantity Supply