The price elasticity of demand is a measure of
A) the equilibrium price of a product.
B) buyers' responsiveness to changes in the price of a product.
C) the amount of a product purchased when income increases.
D) whether a product is a substitute or a complement.
E) how much a change in demand affects the equilibrium price.
B
Economics
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Indicate whether the statement is true or false
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All of the following characteristics are common to both monopolistic competition and perfect competition except
A) firms act to maximize profit. B) entry barriers into the industries are low. C) the market demand curves are downward-sloping. D) firms take market prices as given.
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