The price elasticity of demand measures the responsiveness of the change in the:
A)quantity demanded to a change in the price.
B)price to a change in the quantity demanded.
C)slope of the demand curve to a change in the price.
D)slope of the demand curve to a change in the quantity demanded.

Question

Quizplus · Accepted Answer

Price elasticity of demand measures how the quantity demanded changes in response to a change in price. Therefore, the correct answer is A, quantifying the degree of responsiveness of the quantity demanded to the price change. B, C, and D, are not correct as they do not accurately describe the concept of price elasticity of demand.

The Price Elasticity of Demand Measures the Responsiveness of the Change