_____________ is a numerical measure of the responsiveness of supply to a change in the price of the product alone.
Income elasticity
Price elasticity of supply
Price elasticity of demand
None of these
_____________ occurs in the market where there is no tendency for change, when the plans of consumers match the plans of suppliers.
Demand
Supply
Price
Equilibrium
____________ refers to the quantities of a product that suppliers are willing and and able to sell at various prices per period of time, other things remaining the same.
_____________ play a very important part in the allocation of resources in markets.
The ___________ is relevant in under standing how producers can react in markets.
Cross elasticity of demand
____________ are products that enhance the satisfaction derive from another product.
Substitutes
Complements
Normal
When price goes up, there is an ___________ in quantity supplied.
Increase
Decrease
Both 1 and 2
___________ refers to the qualities of a product that purchases are willing and able to buy at various prices per period of time, other things remaining the same.
The definition of demand and supply represent it diagrammatically to construct is known as a ________________.
Demand curve
Supply curve
Both 1 & 2
____________ is the human resource, the basic determinant of which is the nation's population.
Land
Labour
Capital