Asked by
Deaci-Ann Campbell
on Nov 17, 2024
Verified
The price elasticity of demand measures
A) buyers' responsiveness to a change in the price of a good.
B) the extent to which demand increases as additional buyers enter the market.
C) how much more of a good consumers will demand when incomes rise.
D) the movement along a supply curve when there is a change in demand.
Price Elasticity
A gauge of the degree to which the amount of a good sought or offered adjusts when there's a change in its price.
Demand
The consumers' willingness and ability to purchase a product or service at a given price.
- Discern the properties of demand elasticity, highlighting inelastic and elastic demand differences.
Verified Answer
JT
Learning Objectives
- Discern the properties of demand elasticity, highlighting inelastic and elastic demand differences.