Business 1.2: Elasticity 0.0 / 5 ? BusinessElasticity A2/A-levelEdexcel Created by: tomstodd23Created on: 01-05-19 20:34 What will happen if the product is inelastic? The %change in price will lead to a smaller %change in quantity demanded. 1 of 6 True or False: A normal good is when demand for a product increases as income increases? True 2 of 6 What is the basic law of supply? As the selling price of a product rises, supply increases. 3 of 6 The elasticity of a product is 0.5. What is it? Necessity Good 4 of 6 The elasticity of a product is a 1.5. What is it? Luxury Good 5 of 6 The elasticity of a product is a -1.5. What is it? Inferior Good 6 of 6
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