_____ is the rate-of-change measure that expresses the degree to which demand grows or shrinks in response to a price change.

Question

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Elasticity is the rate-of-change measure that expresses the degree to which demand grows or shrinks in response to a price change. It indicates how responsive consumers are to changes in price. When demand is elastic, a small change in price leads to a significant change in demand. When demand is inelastic, a change in price has little effect on demand. Perfect elasticity and perfect inelasticity are extreme cases where demand changes infinitely or not at all in response to price changes, respectively.

_____ Is the Rate-Of-Change Measure That Expresses the Degree to Which