Microeconomics Chapter 4 Elasticity
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| show | Consumers are highly responsive to price changes
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| show | Averages the two prices and the two quantities as the reference points for computing the percentages
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| show | Specific percentage change in price results in a larger percentage change in quantity demanded
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| show | Specific percentage change in price produces a smaller percentage change in quantity demanded
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| show | Price change results in no change whatsoever in the quantity demanded
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| Perfectly Elastic | show 🗑
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| show | Total amount the seller receives from the sale of a product in a particular time period; calculated by multiplying the product price by the quantity sold
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| Total Revenue Test | show 🗑
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| Market Period | show 🗑
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| Short Run | show 🗑
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| show | Time period long enough for firms to adjust their plant sizes and for new firms to enter the industry
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| Cross Elasticity of Demand | show 🗑
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| Income Elasticity of Demand | show 🗑
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