Elasticity measures how "sensitive" consumers are by measuring their change in ____ as the price of the product changes.
A) attitude
B) income
C) quantity demanded
D) supply
E) taxes

Question

Quizplus · Accepted Answer

Elasticity measures how much the quantity demanded changes as the price of a product changes. If the quantity demanded changes significantly with a small change in price, the product is considered elastic. If the quantity demanded changes little with a change in price, the product is considered inelastic.

Elasticity Measures How "Sensitive" Consumers Are by Measuring Their Change