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Title: Test 2

Description: Definitions

Total Flash Cards: 5

Created: 10/01/2007 12:33:17

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Cards

Term
elasticity
Definition
Measures the responsiveness of the quantity demanded to a change in price
Term
coefficient of price elasticity
Definition
greater than one indicates elastic demand
Term
elastic
Definition
occurs if the coeffiecient of elasticity is greater than one
Term
inelastic
Definition
occurs if the coefficient of elasticity is less than one
Term
unitary elasticity
Definition
means that the percentage change in quantity demanded will be the same as the percentage change in price



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