economy chapter 5 quiz

a measure of the sensitivity of producers to a change in price is influenced by availability and mobility of inputs, shortage, capacity and time?

producers of these goods cannot easily shift supply to need consumer demands…

if a good or service is this, it is very responsive to a change in price. There are usually substitutes and they aren’t necessary. It’s demand curve is horizontal…

as the price decreases, the quantity supplied decreases…

the amount of a good or service that producers are willing and able to offer for sale at all prices in a given period…

the interaction of these determines the price and quantity produced; the law of this governs markets…

income, number of consumers, preferences, expectations, price of substitute and complementary goods can shift this…

if the price of good increases, the quantity demanded decreases…

the sum of all the individual qualities supplied are?

the degree to which quantity demanded changes in price, is producers raise the price for these goods, total revenue will decrease…