Chapter 5 - Elasticity and its Application

US government

The ________ has spent billions of dollars each year to discourage the use of illegal drugs.

behavior of buyers

Other elasticities are used to describe the ________ in a market.

Total revenue

________- the amount paid by buyers and received by sellers of a good, computed as the price elasticity of demand rise of the good times the quantity sold.

supply of oil

When the ________ falls, the response depends on the time horizon.

Drug interdiction

________ could increase drug- related crime.

Oil

________ was the cause of the most disruptive events in the worlds economy.