Chapter 18 - The Elasticities of Demand and Supply

1		Over time the demand for a product tends to get (more, less) elastic and the supply of the product tends to get (more, less) elastic.
2		When demand and supply are equally elastic, the burden of a tax on that product will be borne equally by the .
3		Product A is a necessity and has few substitutes. Product B is a luxury for which there are many substitutes. All other things being equal, the chances are that the elasticity for product A would be than the elasticity for product B.
4		If you were selling a perishable good, during the market period your supply would be .
5		If demand is inelastic, when price is raised, total revenue will .