describes how responsive demand will be to a change in price.
A)The demand curve
B)Break- even pricing
C)Target costing
D)Price elasticity
E)Supply

Question

Quizplus · Accepted Answer

Price elasticity describes how responsive demand will be to a change in price. It measures the percentage change in quantity demanded of a good or service in response to a change in its price. A high price elasticity means that a small change in price will result in a large change in the quantity demanded, indicating that demand is very responsive to price changes. A low price elasticity means that a change in price will not have a significant impact on the quantity demanded, indicating that demand is not very responsive to price changes.

Describes How Responsive Demand Will Be to a Change in Price