10 Questions
Exists when there is no significant change in quantity demanded as a response to a change in price. (gas, cigarette)
o Inelastic Demand –
Exists when there is equal change in price and quantity demanded (increase or decrease)
o Unitary Demand –
it is the willingness of a producer to manufacture goods.
• Supply –
is the plot or graph of the quantity supplied versus the price.
o Supply Curve –
is the schedule or table listing of the quantity supplied with the corresponding price.
o Supply Schedule –
the supply is less than the demand.
o Shortage –
the supply exceeds the demand.
o Surplus –
the supply is equal to the demand.
o Equilibrium Point –
is the place where the vendors and buyers meet to transact.
• Market –
“divisoria and Baclaran” – (Many Sellers and Many Buyers) - occurs in a situation where a commodity or service is supplied by several vendors and there is nothing to
o Perfect Competition
Test your knowledge on price inelasticity, which occurs when there is no significant change in quantity demanded in response to a change in price, such as with gas and cigarettes.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
