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4 Cards in this Set
- Front
- Back
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If a small change in price is accompanied by a large change in demand. It is ... |
Price elastic |
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If a large change in price is accompanied by a small change in demand it is ... |
Price inelastic |
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3 factors that effect price elasticity of demand |
1. Level of price 2. Income level 3. Availability of substitutes |
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3 factors that effect the price elasticity of supply |
1. Spare capacity 2. Availability of stock 3. Time period |
