FlexQuiz: Elasticity Edition

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Across
  1. 3. Products with many substitutes tend to have what price elasticity of demand
  2. 4. What happens to total revenue if price falls and demand is inelastic
  3. 8. A method to calculate price elasticity of demand or supply by averaging the initial and final prices and quantities to compute percentage changes, ensuring consistent
  4. 9. Cross elasticity of demand is positive for what goods
  5. 11. What does a positive income indicate
  6. 13. Demand where quantity demanded remains constant regardless of price changes, represented by a vertical demand curve
  7. 15. Measures how sensitive the quantity demanded of a good is to a percentage change in consumer income, indicating responsiveness to income changes
  8. 17. if supply is perfectly elastic,the supply curve is what
  9. 21. A period in microeconomics where all production inputs are variable, allowing producers to fully adjust quantities of all resources in response to price changes
  10. 24. if demand is inelastic, increasing the price will do what to the total revenue
  11. 25. What is the method to assess demand elasticity: elastic if total revenue moves opposite to price changes, inelastic if it moves in the same direction, and unitary if total revenue remains unchanged
  12. 26. A product with inelastic demand will have a price elasticity less then what amount
Down
  1. 1. Measures how sensitive the quantity demanded of a product or resource is to a percentage change in its price, calculated as the ratio of the percentage change
  2. 2. A time frame where producers cannot adjust the quantity supplied in response to price changes, resulting in a perfectly inelastic supply
  3. 5. Demand where quantity demanded can vary infinitely at a specific price, but drops to zero if the price changes, shown as a horizontal demand curve
  4. 6. If the price of a product increases and total revenue decreases, is demand elastic or inelastic
  5. 7. The total income a firm receives from selling a product, calculated as the quantity sold multiplied by the price per unit
  6. 10. A tax imposed on the production or purchase of a specific product, often based on the quantity sold
  7. 12. When the price elasticity of demand is less than 1, meaning quantity demanded changes by a smaller percentage than the price, what is indicating low responsiveness to
  8. 14. True or False a negative income elasticity means the good is inferior
  9. 16. A period in microeconomics where some production inputs (e.g., plant size) are fixed, while others (e.g., labor) are variable, limiting full adjustment to price changes
  10. 18. Measures how the quantity demanded of one good responds to a percentage change in the price of another good; positive for substitutes, negative for complements
  11. 19. True or False the in the short run the supply is usually more elastic
  12. 20. What does is mean if the price elasticity of demand is equal to 1
  13. 22. Which direction does total revenue move when demand is unitary elastic and price changes
  14. 23. Total revenue equals Price multiplied by?