Price elasticity is defined as the change in quantity demanded relative to a change in
A)the price of substitute products.
B)consumer income.
C)the price of complementary products.
D)the price of the product.

Question

Quizplus · Accepted Answer

Price elasticity refers to the responsiveness of quantity demanded to a change in price. Therefore, the correct answer is D, the price of the product. The other options, such as substitute products and consumer income, may also influence demand but are not directly related to the concept of price elasticity.

Price Elasticity Is Defined as the Change in Quantity Demanded