Podcast Beta
Questions and Answers
Because all of the combinations of goods represented by the points are equally desirable, the consumer would be indifferent to the combination actually ______.
received
An ______ curve is always constructed on the assumption that, other things being equal, certain factors remain constant.
indifference
[Blank], a measure of the responsiveness of one economic variable to another.
Elasticity
A variable y is ______ with respect to another variable x if y is very responsive to changes in x;
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In algebraic form, ______ (E) is defined as E = %Δy/%Δx.
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Y is ______ with respect to x if E is greater than 1;
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Y is ______ with respect to x if E is less than 1;
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[Blank] is a very important concept in economics.
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Several types of ______ that are frequently used to describe well-known economic variables have acquired their own special names over time.
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Elasticity is calculated as the ratio of the percentage change in the quantity of y to the percentage change in the quantity of ______.
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