Price Elastic Refers to Consumers Who Are Very Sensitive to Price

question 24

Short Answer

Price elastic refers to consumers who are very sensitive to price changes and buy _____ at _____ prices and _____ at _____ prices.

---

Definitions:

Brewmasters

Brewmasters are professionals skilled in the brewing of beer, overseeing the production process from ingredient selection to fermentation and final product tasting.

Perfectly Competitive

A market scenario where products are identical, there are numerous buyers and sellers, and no single entity can influence the market price.

Brewmaster

A professional who is responsible for the production, innovation, and quality control of beer in a brewery.

Perfectly Competitive

A market structure characterized by many buyers and sellers, homogeneous products, and free entry and exit, which leads to an efficient allocation of resources.