In general, elasticity is:
A) the friction that develops between buyer and seller in a market
B) a measure of how much government intervention is prevalent in a market
C) a measure of how much buyers and sellers respond to changes in markets
D) a measure of the competitive nature of a market

Question

Quizplus · Accepted Answer

Elasticity measures how much buyers and sellers respond to changes in markets, such as changes in price or demand. It is not related to friction between buyers and sellers, government intervention, or the competitive nature of a market.

In General, Elasticity Is