The price elasticity of demand is a measure of the
A)effect of changes in demand on the price.
B)relationship between price and profitability.
C)responsiveness of buyers of a good to changes in its price.
D)sensitivity of a good's price to changes in demand.

Question

Quizplus · Accepted Answer

The price elasticity of demand measures how much the quantity demanded of a good responds to a change in its price, indicating the responsiveness of buyers to price changes.

The Price Elasticity of Demand Is a Measure of the