Elasticities Are

question 1

Multiple Choice

Elasticities are:

• A) in units of quantity
• B) in units of price
• C) unitless
• D) in units of quantity/price

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Definitions:

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that sellers are willing and able to supply.

Inverse Supply

Represents the relationship between the price of a good and the quantity of the good that producers are willing to supply, shown as the price as a function of quantity.

Curve

In general, a smoothly flowing continuous line or surface that bends without angles.

Inverse Demand Function

A mathematical model that expresses price as a function of quantity demanded, showing how price varies with changes in demand.