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Economics
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What does elasticity of demand measure?
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an increase in the quantity available
a decrease in the quantity available
the responsiveness of buyers to changes in price
All of the following factors would affect the elasticity of demand EXCEPT
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If a good has substitutes or not
If a good is a necessity or a luxury item.
The production costs of the good.
The selling price of the good.
Which of the following goods would economists consider to have an inelastic demand?
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Diet Pepsi
Name-brand clothing
New sports car
Prescription medication
Price elasticity of supply measures:
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how responsive sellers are to price changes.
how much buyers will purchase when prices change
the level of competition in a market with many sellers.
Which item would be most supply elastic?
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Bananas
Doctors
Antiques
T-shirts
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