economy chapter 5 quiz

a measure of the sensitivity of producers to a change in price is influenced by availability and mobility of inputs, shortage, capacity and time?

• elasticity of demand

• elasticity of law

producers of these goods cannot easily shift supply to need consumer demands…

• elasticity

• inelasticity

if a good or service is this, it is very responsive to a change in price. There are usually substitutes and they aren’t necessary. It’s demand curve is horizontal…

• elastic

• inelastic

as the price decreases, the quantity supplied decreases…

• law of demand

• law of supply

the amount of a good or service that producers are willing and able to offer for sale at all prices in a given period…

• supply

• resources

the interaction of these determines the price and quantity produced; the law of this governs markets…

• supply and cost

• supply and demand

income, number of consumers, preferences, expectations, price of substitute and complementary goods can shift this…

• demand curve

• supply curve

if the price of good increases, the quantity demanded decreases…

• law of supply

• law of demand

the sum of all the individual qualities supplied are?

• market supply

• store supply

the degree to which quantity demanded changes in price, is producers raise the price for these goods, total revenue will decrease…

• inelasticity of supply

• elasticity of demand