1.

A CHANGE IN PRICE HAS NO EFFECT IN QUANTITY SUPPLIED

2.REFERS TO THA REACTION OR RESPONSE OF THE PRODUCERS OR SELLERS TO PRICE CHANGES OF

GOODS

3.A CHANGE IN PRICE RESULTS TO AN EQUAL CHANGE IN QUANTITY SUPPLIED

4.CONSUMPTION OF MORE UNITS OF THE SAME GOOD SUCCESSIVELY INCREASES TOTAL UTILITY,BUT
AT A DECREASING RATE BECAUSE MARGINAL UTITLITY INCREASES

5.IT IS SATISFACTION

6.WITHOUT ACHANGE IN PRICE,THERE IS AN INFINITE CHANGE IN QUANTITY SUPPLIED

7.REFERS TO THE ADDITIONAL SATISFACTION OF A CONSUMER WHENEVER HE CONSUMES ONE MORE

UNIT OF THE SAME GOOD

8.NORMALLY,DEMAND IS ELASTIC FOR A PRODUCT WITH A LOT OF GOOD SUBSTITUTES

9.REFERS TO THE REACTION OR RESPONSE OF BUYERS TO CHANGES IN PRICE OF GOODS AND SERVICES

10.IF THE PRICE INCREASE HAS A VERY LITTLE EFFECT ON THE BUDGET OF THE CONSUMER,DEMAND IS
INELASTIC.

11.REFERS TO THE REACTION OR RESPONSE OF THE BUYERS TO CHANGES IN PRICE OF GOODSAND

SERVICES

12.A CHANGE IN PRICE CREATES NO CHANGE IN QUANTITY DEMANDED

13.LUXURIOUS GOODS ARE NOT SO IMPORTANT TO CONSUMERS,ESPECIALLY FILIPINOS.SO, THESE ARE

ELASTIC

14.A CHANGE IN PRICE,THERE IS AN INFINITE CHANGE IN QUANTITY DEMANDED

15.PRODUCTS UNDER THE PURELY COMPETITIVE MARKET FALL UNDER THIS.

16.APPLIES TO EXTREME SITUATIONS,COULD BELIFE OR DEATH

17.PRODUCTS UNDER THESE CATEFORY FALL BETWEEN ELASTIC AND INELASTIC DEMAND

18.EXPLAIN ELASTICITY AND INELASTIC DEMAND AND ITS EXAMPLE

19.EXPLAIN UTILITY

20.EXPLAIN ELASTICAND INELASTIC SUPPLY AND ITS EXAMPLE

21.EXPLAIN LAW OF DIMINISHING MARGINAL UTILITY AND ITS EXAMPLE AND THE TABLE