The concept of elasticity is used to
A)indicate the economy's ability to rebound from a recession
B)measure the robustness of a variable
C)measure the sensitivity of one variable to changes in another
D)measure price changes
E)measure income changes

Question

Quizplus · Accepted Answer

The concept of elasticity measures the sensitivity of one variable to changes in another. It is commonly used in economics to measure how responsive the quantity demanded or supplied is to changes in price or income. Therefore, options A, B, D, and E are not the best choices since they do not accurately reflect the concept of elasticity.

The Concept of Elasticity Is Used to