Term

Definition
responsive demand to price increase 


Term
an increase in the price leads to a decrease in the ____ _____ 

Definition


Term
the greater the absolute price elasticity of demand..... 

Definition
the greater the demand responsiveness to relative price changes 


Term

Definition
whenever the price of elasticity of demand is greater than 1 


Term
unit elasticity of demand 

Definition
change in price of 1% causing exactly 1% change in the quantity demanded 


Term

Definition
change in price of 1% causing a change of less than 1% in the quantity demanded 


Term
perfectly inelastic demand 

Definition
demand that has zero responsiveness to price changes. no matter the price, the demand will always be the same 


Term

Definition
demand that has the characteristic that even the slightest increase in price will lead to 0 demand 


Term

Definition
negative relationship that is between changes in price and changes in total revenues. 


Term

Definition
changes in price do not change total revenues 


Term

Definition
if demand is inelastic, price and total revenues move in the same direction 


Term
the longer any price change persists, the greater the____ __ _____ 

Definition


Term
elasticity of demand is great in the ___ ___ 

Definition

