The concept of elasticity is used to
a. indicate the economy's ability to rebound from a recession
b. measure the robustness of a variable
c. measure the sensitivity of one variable to changes in another
d. measure price changes
e. measure income changes
C
Economics
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What will be an ideal response?
Economics
If a natural monopoly is forced to follow a policy of average-cost pricing, the monopolist will:
A. earn economic profits less than zero. B. charge a higher price than if not regulated. C. charge the same price as if it were not regulated. D. increase output to an amount greater than what it would have produced if it were not regulated.
Economics