_____ is the percentage change in the quantity sold of a brand when the price changes,divided by the percentage change in price.
A) Price distribution
B) Price band
C) Price point
D) Price elasticity

Question

Quizplus · Accepted Answer

Price elasticity measures the responsiveness of quantity demanded to a change in price. It helps businesses in determining how a change in the price of a product will affect its demand in the market. A higher price elasticity means that small changes in price will result in larger changes in the quantity demanded, whereas a lower price elasticity means that even if prices change, the demand for the product remains more or less the same.

_____ Is the Percentage Change in the Quantity Sold of a Brand