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Details Title: Test 2 Description: Definitions Total Flash Cards: 5 Created: 10/01/2007 12:33:17	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
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