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15 questions from this quiz
Responsiveness of demand/supply to changes
%ΔQd%ΔP\frac{\% \Delta Q_d}{\% \Delta P}%ΔP%ΔQd
When PED>1\text{PED} > 1PED>1
Perfectly inelastic demand
%ΔQd%Δincome\frac{\% \Delta Q_d}{\% \Delta \text{income}}%Δincome%ΔQd
YED>1\text{YED} > 1YED>1
The good is inferior
%ΔQd of A%ΔP of B\frac{\% \Delta Q_d \text{ of A}}{\% \Delta P \text{ of B}}%ΔP of B%ΔQd of A
Substitutes
The goods are complements
%ΔQs%ΔP\frac{\% \Delta Q_s}{\% \Delta P}%ΔP%ΔQs
Supply curve slopes upward
Price×Quantity\text{Price} \times \text{Quantity}Price×Quantity
Increases
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