From the list on your right select the letter that contains the word, phrase, name, etc that best matches the word, phrase, name, etc listed on the left. - Anegative ____ implies 3 the good is an inferior good. ' A 2% price increase leads to a 4 2% decline in quantity ' demanded of Good X. % change in quantity demanded % change in price Positive cross-price elasticity of demand Demand for the good is unitary elastic % change in quantity demanded % change in income Price elasticity of demand Substitutes Horizontal supply curve Income elasticity of 0.12 90% of the tax the government imposed on Good X was successfully passed on to consumers by the company. Supply is price inelastic with price elasticity of supply equal to 0.5 Demand for the good is more price-inelastic than supply is Demand for the good is price- elastic Supply of the good is infinitely or perfectly elastic Total Revenue Quantity sold x unit price A company can increase its revenue by decreasing the price of its product The price of a good increased by 10% which increased quantity supplied by 5% 10. 11. 12. 13. 14. 15. Example of a normal good which is a necessity Negative cross-price elasticity of demand Supply is highly elastic with price elasticity of supply equal to 2 Price elasticity of demand for the good is equal to O Price elasticity of supply for the good is equal to O Total Profit