Real answers will get brainliest 1. what two circumstances must be true of a person for him or her to “demand” a good or service? 2. how is the ceteris paribus assumption related to demand curves? it allows the demand curve to exist as a constant without variables other than price affecting it 3. if demand for a good is elastic, what will happen when the price increases? 4. if demand for a good is inelastic, how will a drop in price affect demand for the good? 5. name three factors that determine a good’s elasticity.

1. The two circumstances that affect the demand for a good or service are:

2. If we understand the demand curve as a relation between (strictly) two variables, quantity and price (on the X and Y axes respectively), the ceteris paribus assumption relates to the demand curve in the sense that, no other relevant economic factor rather than product's price are changing. In other words, all other variable remains constant except price.

3. A demand for a good is classified as elastic when an increase in prices causes a greater proportioned fall in demand.

For instance, if there is an increase in price, there will be a great impact on the quantity demanded (reducing it). This usually occurs on goods from which customer has the possibility to switch to another one of the same types if the price of the one consumed increases.

4. The opposite phenomenon applies to inelastic goods, an increase in prices causes a small proportioned fall in demand. In this case, if there is a price drop in a good, its demand won't be affected, since it is less sensitive to variations in price.

5. Three factors that determine a good's elasticity are:

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explanation:

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