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Econ Chapter 4 Test
Created by jrogers
Question or Hint
Answer or Word
- Elasticity of demand is the measure of how reponsive consumers are to price changes
- elastic if quantity demended changes significantlly as price changes
- total revenue a company's income form selling it products
- inelastic if quannity demanded changes little as price changes
- unit elastic when the perentage change in price and quanitiy demanded are the same
