Factors of PED change

Demand will be price________ if there are only a few substitutes products.

• Elastic

• Inelastic

Demand will be price________ if there are a lot of substitutes products.

• Elastic

• Inelastic

The longer the period of the shortage, the longer time for the consumer to find the _________

• Substitutes products

• Another stores

The cheaper the product, the more likely it be to be price________.

• Elastic

• Inelastic

The more expensive the product, the more likely it be to be price________.

• Elastic

• Inelastic

Mention examples of 3 products that have only a few substitute products.

Mention examples of 3 pricy products that would likely to be price inelastic.

What does the perfectly inelastic demand curve tell us?

• That any changes in price will not cause any changes in the demand

• That any changes in demand will not cause any changes in the price

• That any changes in supply will not cause any changes in the demand

Infinitely price elastic means ....

• At a small change in demand, the price will fall to zero

• At a small change in price, the demand will fall to zero

• At a small change in supply, the demand will fall to zero