Key Terms

Match each of the terms on the left with its definition on the right. Click on the term first and then click on the matching definition. As you match them correctly they will move to the bottom of the activity.

Question

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Price elasticity of demand, p. 144

Midpoint method, p. 146

Perfectly inelastic demand, p. 148

Perfectly elastic demand, p. 148

Elastic demand, p. 149

Inelastic demand, p. 149

Unit-elastic demand, p. 149

Total revenue, p. 150

Cross-price elasticity of demand, p. 155

Income elasticity of demand, p. 156

Income-elastic demand, p. 157

Income-inelastic demand, p. 158

Price elasticity of supply, p. 159

Perfectly inelastic supply, p. 159

Perfectly elastic supply, p. 159

Excise tax, p. 162

Tax rate, p. 164

Administrative costs, p. 168