Price elasticity of demand shows how
A. Responsive the quantity demanded is to a change in price.
B. To compute the slope of the demand curve.
C. Responsive the price is to a change in demand.
D. Responsive the quantity demanded is to a change in the price of related goods.
Answer: A
You might also like to view...
Real business cycle theory emphasizes the role of
A) government spending as a cause of economic fluctuations. B) shocks to the money supply as a cause of economic fluctuations. C) demand shocks as a cause of economic fluctuations. D) technology shocks as a cause of economic fluctuations.
Valuing the quantities of goods produced in consecutive years using prices in both years and then averaging the percentage changes in the value of output is part of the ________ method of calculating real GDP
A) base-year B) moving-base-year C) chain-weighted output index D) fixed quantities/variable prices