Demand, Supply, and Prices Quiz 2

A measure of the way quantity supplied reacts to a change in price.

• elasticity of demand

• inelastic

• elastic

• unitary elastic

Describes demand that is not very sensitive to price changes.

• elasticity of demand

• inelastic

• elastic

• unitary elastic

Describes demand that is very sensitive to a change in price.

• elasticity of demand

• inelastic

• elastic

• unitary elastic

Describes demand whose elasticity is exactly equal to one.

• elasticity of demand

• inelastic

• elastic

• unitary elastic

The total amount of money a company received by selling goods or services.

• total revenue

• supply

• law of supply

• quantity supplied

The amount of goods or a service that is available.

• total revenue

• supply

• law of supply

• quantity supplied

Producers offer more of a good or service as its price increases and less as its price fall.

• total revenue

• supply

• law of supply

• quantity supplied

The amount of a good or service that a producer is willing and able to supply at a specific price

• total revenue

• supply

• law of supply

• quantity supplied

A chart that lists how much of a good or service a suppler will offer at various prices.

• supply schedule

• variable

• market supply schedule

• supply curve

Factor that can change.

• supply schedule

• variable

• market supply schedule

• supply curve