There is a direct relationship between ------------- of the consumer and his demand.

Elasticity of demand tells the -------- of change in demand to the change in price

------------ elasticity of demand measures changes in the quality demanded of good x due to change in the price of good y.

. Low price of a good generally keeps its price elasticity of demand as -------------

in the case of inferior goods, the income elasticity of demand is -----------------

when as a result of increase in price of goods, total expenditure made on goods falls, price elasticity of demand is ------- than unity.

Supply is provided by ____________ and demand is created by consumers.

Monopolies result in a(n) __________ level of output and provide __________ choice to consumers.

Money functions as a _______________ when it is used to make purchases.

Making a decision at the margin is possible only in situations where _____.

If the ___________ for automobiles is __________ then automobiles are an inferior good .