The responsiveness of quantity demand to a change in price is called 'price elasticity of demand'.

Name: The responsiveness of quantity demand to a change in price is called 'price elasticity of demand'.
Brand: Quizplus
Rating: 4.9 (52 reviews)

Question

Quizplus · Accepted Answer

Price elasticity of demand measures how much the quantity demanded of a good responds to a change in its price, indicating the degree of responsiveness or sensitivity of consumers to price changes.

The Responsiveness of Quantity Demand to a Change in Price