Asked by
tarik cooper
on Nov 25, 2024
Verified
The price elasticity of demand is a measure of the
A) effect of changes in demand on the price.
B) relationship between price and profitability.
C) responsiveness of buyers of a good to changes in its price.
D) sensitivity of a good's price to changes in demand.
Price Elasticity Of Demand
A measure reflecting how price adjustments influence the demand quantity of a good.
Responsiveness
The quality of reacting quickly and positively, often used in contexts ranging from customer service to mobile or web design, indicating agility and attentiveness to needs or changes.
- Develop a clear understanding of the concept of price elasticity of demand and the formula used for its calculation.
- Identify factors that influence demand elasticity.
Verified Answer
GK
Learning Objectives
- Develop a clear understanding of the concept of price elasticity of demand and the formula used for its calculation.
- Identify factors that influence demand elasticity.
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