The percentage change in the quantity demanded in response to a percentage change in the price is known as the
A) slope of the demand curve.
B) excess demand.
C) price elasticity of demand.
D) All of the above.
C
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The problem of "scarcity" applies
A) only in industrially developed countries because resources are scarce in these countries. B) only in underdeveloped countries because there are few productive resources in these countries. C) only in economic systems that are just beginning to develop because specialized resources are scarce. D) to all economic systems, regardless of their level of development.
If consumers spend their income either on gasoline or food, then an increase in the price of gasoline rotates the budget line
A) inward along the "food" axis. B) outward along the "food" axis. C) inward along the "gasoline" axis. D) outward along the "gasoline" axis.