The measurement of responsiveness between two variables is known as
A)Marginality
B)Elasticity
C)Demand
D)Total Revenue

Question

Quizplus · Accepted Answer

Elasticity measures the responsiveness of one variable to changes in another variable. Marginality refers to the additional cost or benefit of producing or consuming one additional unit of a good or service. Demand refers to the quantity of a good or service that consumers are willing and able to buy at a given price. Total revenue is the amount of money received by a firm from the sale of its products or services.

The Measurement of Responsiveness Between Two Variables Is Known as