The concept used by economists to indicate the responsiveness of the quantity demanded of a good to a change in its price is the
A)cross elasticity of demand.
B)income elasticity of demand.
C)substitute elasticity of demand.
D)price elasticity of demand.
E)elasticity of supply.

Question

Quizplus · Accepted Answer

Price elasticity of demand measures the percentage change in quantity demanded of a good in response to a percentage change in its price. It is a measure of how sensitive consumers are to changes in price for a particular good or service.

The Concept Used by Economists to Indicate the Responsiveness of the Quantity