The Price Elasticity of Demand Refers To

The price elasticity of demand refers to:

A) a measure of the demand for the industry in which a firm competes
B) how much the demand for a good or service changes when there is an increase in incomes
C) the economic principle that as price increases the quantity demanded decreases
D) the fact that the demand for some goods and services may be countercyclical
E) how much the quantity demanded changes when there is a change in the price of a good or service