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9 Cards in this Set

  • Front
  • Back

Elasticity

measure of the responsiveness of buyers and sellers to changes in price or income

Price Elasticity of Demand

a measure of the responsiveness of quantity demanded to a change in price

Immediate Run

there is not time for consumers to adjust their behavior

Short Run

a period of time when consumers can partially adjust their behavior

Long Run

a period of time when consumers have time to fully adjust to market conditions

Total Revenue

the amount that consumers pay and sellers receive for a good

Income Elasticity of Demand

measures how a change in income affects spending

Cross-price Elasticity of Demand

measures the responsiveness of the quantity demanded of one good to a change in the price of a related good

Price Elasticity of Supply

a measure of the responsiveness of the quantity supplied to a change in price