Wiktionary(0.00 / 0 votes)Rate this definition: 1  upheaval(Noun) the process of being heaved upward, especially the raising of part of the earth's crust. 2  upheaval(Noun) a sudden violent upset, disruption or convulsion.
MicroEcon Test 2 Correct 1. The price elasticity of demand coefficient measures: A) buyer responsiveness to price changes. B) the extent to which a demand curve shifts as incomes change. C) the slope of the demand curve. D) how far business executives can stretch their fixed costs. Points Earned: 1.0/1.0 Correct Answer(s): A Correct 2.
The price elasticity of supply measures how the amount of a good that a supplier wishes to supply changes in response to a change in price. In a manner analogous to the price elasticity of demand, it captures the extent of horizontal movement along the supply curve relative to the extent of vertical movement. If the price elasticity of supply is zero the supply of a good supplied is totally inelastic and the quantity supplied is fixed.