Which of the following terms represents the measure of responsiveness of purchasers and suppliers to a change in price?
A) Selectivity
B) Captivity
C) Elasticity
D) Sensitivity

Name: Which of the following terms represents the measure of responsiveness of purchasers and suppliers to a change in price? A) Selectivity B) Captivity C) Elasticity D) Sensitivity
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Question

Quizplus · Accepted Answer

Elasticity is the economic concept that measures the responsiveness of demand or supply of a good or service to changes in its price.

Which of the Following Terms Represents the Measure of Responsiveness