In general terms,what does elasticity measure
A)how price is determined between buyers and sellers in a market
B)how much government intervention is prevalent in a market
C)how competitive a market is
D)how much buyers and sellers respond to changes in market conditions

Question

Quizplus · Accepted Answer

Elasticity measures how much buyers and sellers respond to changes in market conditions. It measures the degree of responsiveness of quantity demanded or quantity supplied to changes in its determinants such as price, income, and consumer preferences. It helps us understand the extent to which a change in one variable affects the other variables in the market.

In General Terms,what Does Elasticity Measure