Fill in the blanks. Demand is said to be elastic when a _______ change in price produces a ________ change in quantity demanded. PED is ________ than 1. Demand is said to be inelastic when a ________ change in price produces a ________ change in quantity demanded. PED is ________ than 1.
【参考答案及解析】
(a) Demand is said to be elastic when a small change in the price produces a large change in the quantity demanded. PED is greater than 1. (b) Demand is said to be inelastic when a small change in the price produces only a small change in the quantity demanded. PED is less than 1.
(a) Demand is said to be elastic when a small change in the price produces a large change in the quantity demanded. PED is greater than 1. (b) Demand is said to be inelastic when a small change in the price produces only a small change in the quantity demanded. PED is less than 1.