____________, income and cross elasticity of demand are relevant numerical measures.
Unitary
Price
Supply
None of these
_____________ arises because some consumers are willing to pay more than the given price for what they buy.
Producer surplus
Demand curve
Consumer surplus
____________ influence company decisions in many ways.
Private
Public
Government
The ____________ curve shifts to the left or right when, 'other things being equal', the assumption is changed.
Supply curve
Equilibrium
The selling side of the market is known as the ___________.
Demand side
Supply side
Equilibrium side
____________ is defined as a numerical measure of the responsiveness of demand following a change on income alone.
Unitary elasticity
Price elasticity of demand
Income elasticity of demand
_____________ may also impose indirect taxes on companies.
The buying side of the market is referred to by economists as the ______________.
Both 1 & 2
When price goes down, there is an _____________ in quantity demanded.
Increase
Decrease
The ___________ is relevant in under standing how producers can react in markets.
Price elasticity of supply
Cross elasticity of demand