ECON 205 Final Exam Chapter 5: Elasticity Questions and Answers 2023

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a measure of how responsive the quantity demanded is to a change in price - -elasticity of demand -Elasticity rule: If two linear demand (or supply) curves run through a common point, then at any g... iven quantity the curve that is _______ is more elastic. - -flatter -The fundamental determinant of the elasticity of demand is how easy it is to ________ one good for another. - -substitute -The fewer substitutes for a good, the ______ elastic the demand. - -less -The more substitutes for a good, the ______ elastic the demand. - -more -The more time people have to adjust to a change in price, the more _________ the demand curve will be. - -elastic -Demand for a specific brand of a product is _______ (more/less) elastic than the demand for a product category. - -more -What counts as a good ______ depends on a buyer's preferences, as well as on objective properties of the good. - -substitute [Show More]

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