Perfect Competition is the opposite of?
Elastic Markets
Monopolies
Mixed Economy
Money Market
If a product is inelastic it should have a coefficient
greater than 1
less than 1
Equal or less than 1
0
If a product is inelastic it means that
Quantity is sensitive to a change of price
Quantity is insensitive to a change of price.
The product cannot change price
The product changes price quickly
If a product has an elastic Demand
Quantity is sensible to a change in price.
Quantity is insensible to a change in price.
A change in price ruins the market.
The market is monopolised.
If a product is perfectly inelastic
Change in quantity doesn't alter the quantity demanded
Only rice is perfectly inelastic
Competitors pursuit changing the market
Change in price doesn't alter the quantity demanded
Substitute Goods have a
Negative cross elasticity of demand
Price related cross elasticity of demand
Positive cross elasticity of demand
Has none cross elasticity of demand
Complement Goods have a
Equal cross elasticity of demand
No cross elasticity of demand
An example of a Weak Substitute could be
Iphone and Samsung
Coca Cola and Tea
Cars and tiers
Pasta and Raviolis
An example of a Strong Substitute could be
Apple and Samsung
Ferrari and Chevrolet
Companies with elastic goods should
Increase prices
Decrease prices
No change
Buy two more companies
