This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: Relatively Elastic Relatively Inelastic Unitary Elastic Infinitely Inelastic 7. In terms of elasticity of demand, necessities are: (Points: 10) Relatively elastic Unitary elastic Relatively Inelastic Infinitely elastic 8. Rent control is an example of a price ____ (Points: 10) ceiling floor roof ground 9. Consumer surplus ______ (Points: 10) is the same for all individuals in a market is equal to the price consumers are willing to pay changes along a downward-sloping demand curve is equal to the cost suppliers pay for their resources 10. If the price of oil increases strongly and steadily, what is expected to occur to the elasticiy of supply and demand in the long run? (Points: 10) both will stay constant demand will be more elastic while supply will not be affected demand will not be affected while supply will be more elastic both supply and demand will become more elastic...
View Full Document
- Spring '11