Price elasticity of demand basically measures
A) the reliability of a product.
B) the responsiveness of consumers to price changes.
C) the variability of price changes.
D) the percentage change in market price as a result of a change in demand.
Ans: B) the responsiveness of consumers to price changes.
Economics
You might also like to view...
U.S. leadership has recently eroded in just about every aspect of global life except one, and that is its ______ dominance.
Fill in the blank(s) with the appropriate word(s).
Economics
Refer to Table 2-8. What is Betty's opportunity cost of making a statue?
A) 2 benches B) 1.4 statues C) 1/2 of a bench D) 1/3 of a bench
Economics