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ECON 201 MODULE 7 QUESTIONS AND ANSWERS 100% PASS

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ECON 201 MODULE 7 QUESTIONS AND ANSWERS 100% PASS law of supply - a higher price will lead to a higher quantity supplied price elasticity - the ratio between the percentage change in the quantity demanded (Qd) or quantity supplied (Qs) and the corresponding percent change in price price elasticity of supply - the percentage change in quantity supplied divided by percentage change in price infinite/perfect, constant unitary, or zero - what are the cases of elasticity? infinite/perfect elasticity - refers to the extreme case where either the quantity demanded (Qd) or quantity supplied (Qs) changes by an infinite amount in response to any change in price at all pizza, bread, books, pencils, carribean cruises, sports vehicles - examples of infinite/perfect elasticity the slope is horizontal - what slope is an infinite/perfectly elastic supply or demand curve?

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  • econ 201 module 7 questions and answers 100 pass

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ECON 201 MODULE 7 QUESTIONS
AND ANSWERS 100% PASS


law of supply - ✔✔a higher price will lead to a higher quantity supplied


price elasticity - ✔✔the ratio between the percentage change in the quantity demanded

(Qd) or quantity supplied (Qs) and the corresponding percent change in price


price elasticity of supply - ✔✔the percentage change in quantity supplied divided by

percentage change in price


infinite/perfect, constant unitary, or zero - ✔✔what are the cases of elasticity?


infinite/perfect elasticity - ✔✔refers to the extreme case where either the quantity

demanded (Qd) or quantity supplied (Qs) changes by an infinite amount in response to

any change in price at all


pizza, bread, books, pencils, carribean cruises, sports vehicles - ✔✔examples of

infinite/perfect elasticity


the slope is horizontal - ✔✔what slope is an infinite/perfectly elastic supply or demand

curve?




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