Fill in the blank answers

FIB HW CH3 Fill-in-tlie-Blank (FIB) Homework Instructions: The purpose of this assignment is to reinforce reading comprehension and vocabulary understanding. Select the term oin the dropdown menu that best completes the sentence. This homework is comprised of lie},r terms and concepts from the chapter. This homework is a preparation for your multiplechoice chapter quiz. 'Word Bank inelastic increase revenue lesser negative positive elastic decrease greater price 1. The price elasticity of demand is the ratio of the percentage change in the quantityr of a good demanded to a given percentage change in its 2. Total is the price times the quantityr sold. 3. It'the quantity demanded changes by a(n} percentage than price= demand is said to he elastic. 4. It'the quantity demanded changes by a(n} percentage thanprice, demand is said to he inelastic. 5. che price causes total revenue to increase= demand is said to he elastic. 6. che price causes total revenue to increase= demand is said to he inelastic. 7". When the percentage change in quantity demanded equals the percentage change in price= demand is said to he unit 3. Because demand curves have slopes= the midpoint formula for price elasticitj,r of demand yields a negative value. 9. When economists stud].r the range of an elastic response it is stated in a(n) value. 10. Elasticityr varies along a linear demand curve- The lower (rightward) segment of a linear demand curve tends to generate a(n) response