Perfectly Elastic Demand

Demand is ___ when the percentage change in Qd is greater than the percentage change in price

Demand is ___ when the percentage change in quantity demanded is equal to the percentage change in price

Demand is ___ when the percentage change in quantity demanded is less than the percentage change in price

When Qd is so responsive to any change in price that even an increase of 1%, Qd goes to 0

When Qd is completely non responsive to price changes

When the graphs Qd line is completely vertical the elasticity is

When the Qd line is completely horizontal, the elasticity is

A flatter curve is more ___

A steeper curve is more ___

Which of the following is NOT a determinant of price elasticity of demand

The availability of ___ is the most important determinant of price elasticity

If a product has more substitutes available, it will have more ___ demand

It usually takes no time for consumers to adjust their buying habits when prices change

The more time that passes, the more ___ the demand for a product becomes

Goods that are ___ have more elastic demand than goods that are ___

The demand curve for a necessary good is more ___ than the demand curve for a luxury good

Goods that take only a small fraction of a consumer's budget tend to have less ___ demand than goods that take a large fraction

The demand for a good will be ___ elastic the larger chare of the good in the average consumer's budget (more/less)

The responsiveness of demand and supply

What is the price elasticity of demand equation

What is the midpoint formula