One of the most important concepts in marketing is the price elasticity of demand,which is the
A)percentage a product is marked up in response to consumer demand.
B)point at which the costs of producing a product equal the revenue made from selling the product.
C)percentage change in quantity demanded in response to a percentage change in price.
D)degree to which the price of a product affects consumers' purchasing behavior.
E)price that consumers consider reasonable and fair for a product.

Question

Quizplus · Accepted Answer

Price elasticity of demand refers to the percentage change in quantity demanded for a product in response to a percentage change in its price. It helps businesses determine how sensitive consumers are to changes in price and make pricing decisions accordingly. A high elasticity means that a small change in price can cause a large change in demand, while a low elasticity means that demand remains relatively constant even with significant changes in price.

One of the Most Important Concepts in Marketing Is the Price