Changes

<need to update these questions>

<need to update these questions>

1. Give an example of a good that has little change in demand even when its price increases substantially.

1. Give an example of a good that has high price elasticity, meaning that that a small increase in price causes a big decrease in demand.

 

2. The demand for some goods decreases more when the good increases in price, compared to the decrease in demand for other goods that have a price increase. What term is used to describe how much the demand decreases when the price increases?

2. The demand for some goods decreases more when the good increases in price, compared to the decrease in demand for other goods that have a price increase. What term is used to describe how much the demand decreases when the price increases?

2. A good that is addictive often has (elastic or inelastic) demand for it.  Choose the correct answer.  

2. Donald Trump is the seller of an inelastic service: gambling.  That means Donald Trump can keep increasing and increasing his price for the gambling (his chances of winning at the expense of the players), and the gamblers _____________.  

3. Give examples of a complement and a substitute for breakfast eggs.   

3. Give examples of a complement and a substitute for breakfast eggs.