Across
- 1. a period of time too short to change plant capacity but long enough to use fixed plant more or less intensively
- 5. A way to infer whether demand is elastic or inelastic
- 6. Averages two prices and two quantities as the reference points for computing the percentages
- 7. A percentage change in price and the resulting percentage change in quantity demanded are the same
- 8. the period that occurs when the time immediately after a change in market price is too short for products to respond with a change in quantity supplied
- 10. A small price reduction causes buyers to increase their purchases from zero to all they can obtain
Down
- 2. the total amount the seller receives from the sale of a product in a particular time
- 3. A specific percentage change in price produces a smaller percentage change in quantity demanded
- 4. A price change results in no change whatsoever in the quantity demanded
- 9. A specific percentage change in price results in a larger percentage change in quantity demanded