Price Elasticity of Demand Quiz

Elastic demand is when the change in demand is large when there is a change in ______.

If a good’s price elasticity is 0 (no amount of price change produces a change in demand), it is perfectly ______.

If price elasticity is greater than 1, the good is ______; if less than 1, it is ______.

The availability of a substitute for a product affects its ______.

Price elasticity of demand is a measurement of the change in consumption of a product in relation to a change in its ______.