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More cards in this set
Card 6
Front
A 1% rise in price means a more than 1% fall in quantity, what is this?
Back
Card 7
Front
A 1% rise in price means a less than 1% fall i quantity, what is this?
Back
Card 8
Front
The price of food increases, there is no alternative. Is this elastic or inelastic?
Back
Card 9
Front
Define the "Fallacy of Composition"
Back
Card 10
Front
When PED > 1 - what does this mean?
Back
Card 11
Front
Is the PED lower of higher in the short run?
Back
Card 12
Front
If demand increases, what will happen to price?
Back
Card 13
Front
Define 'opportunity cost'
Back
Card 14
Front
Define 'property rights'
Back
Card 15
Front
What is a planned or command economy?
Back
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