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Answer to Question #219157 in Economics for Sizwe
Question #219157
What does the price elasticity of demand measure?
A. the responsiveness of the quantity demanded of a good to changes in the price of the good.
B. The slope of the demand curve.
C. How sensitive the quantity demanded of a good is to changes in income.
D. How sensitive the price is to changes in the quantity demanded.
A. the responsiveness of the quantity demanded of a good to changes in the price of the good.
B. The slope of the demand curve.
C. How sensitive the quantity demanded of a good is to changes in income.
D. How sensitive the price is to changes in the quantity demanded.
Expert's answer
Price elasticity of demand measures the responsiveness of the quantity demanded of a good to changes in the price of the good. Therefore, the correct answer is (A).
Answer:
A. the responsiveness of the quantity demanded of a good to changes in the price of the good.
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