The sensitivity of one economic variable to changes in another variable is known as
A)the variability coefficient
B)elasticity
C)the sensitivity coefficient
D)the cross-variability coefficient
E)the law of demand

Question

Quizplus · Accepted Answer

The sensitivity of one economic variable to changes in another variable is known as elasticity. This concept helps to measure the responsiveness of a variable to changes in another variable, such as quantity demanded to changes in price.

The Sensitivity of One Economic Variable to Changes in Another