17759601
Description
Flashcards by Delia Ghita, updated more than 1 year ago
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Created by Delia Ghita
over 5 years ago
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| Question | Answer |
| Diagonally upwards graph | Supply graph |
| Diagonally downwards graph | Demand graph |
| PED will always be ... | a negative number |
| PES will always be ... | a positive number |
| If PED or PES >1 then elasicity will be ... | elastic (ignoring the signs) |
| If PED or PES <1 then elasticity will be... | inelastic (ignoring the signs) |
| Demand curve moves to the right | increase in demand |
| Demand curve moves to the left | decrease in demand |
| Supply curve moves to the right | increase in supply |
| Supply curve moves to the left | decrease in supply |
| Price increase = total revenue increse or Price decrease = total revenue decrese | Inelastic |
| Price increase = total revenue decrease or Price decrease = total revenue increase | Elastic |
| Price increase or decrease = the same total revenue (no change) | Unitary |
| ... occurs when there is a balance between demand and supply | Equilibrium price |
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