Changes

'''3.''' A nearly perfectly elastic demand curve is nearly '''flat''' in shape; a nearly perfectly inelastic demand curve is nearly '''vertical''' in shape.  

'''3.''' A nearly perfectly elastic demand curve is nearly '''flat''' in shape; a nearly perfectly inelastic demand curve is nearly '''vertical''' in shape.  

'''4.''' Items which have a price elasticity less than one are considered necessities because even when the price rises most consumers still purchase them, whereas , with a good with a price elasticity of less than one, people will not purchase nearly as many if the price rises, causing the designation of unnecessary. This can be inaccurate, as [[New York Yankees]] tickets or popular video games are not "necessary."  

'''4.''' Items which have a price elasticity less than one are considered necessities because even when the price rises most consumers still purchase them, whereas , with a good with a price elasticity of more than one, people will not purchase nearly as many if the price rises, causing the designation of unnecessary. This can be inaccurate, as [[New York Yankees]] tickets or popular video games are not "necessary."  

'''5.''' Potato chips are a (poor) substitute for french fries; ketchup is a (necessary) complement for them.  

'''5.''' Potato chips are a (poor) substitute for french fries; ketchup is a (necessary) complement for them.