X inelasticelastic
✔ inelasticelastic
inelasticX elastic
If the price of a want goes up, people tend to buy .
✔ basic food an mp3 player a nice suit
price floorprice ceilingequilibrium price
Big City has a price ceiling of $750 on rent.
If the quantity demanded of a good changes drastically when the price changes, the good is relatively .
An example of a need is .
The line at PF represents the .
The line at PE represents the .
The price ceiling means there will be in the supply of rental spaces.
a big TV a place to liveX medicine
price floorprice ceilingequilibrium price
✔ are not allowed to would make less profitX want fewer tenants
If the quantity demanded of a good does not change much when the price changes, the good is relatively .
An example of a want is .
Landlords will not raise rent prices as demand increases because they .
more than before less than before✔ about the same amount
excess supplyexcess demand
Did you find these answers helpful?