Price elasticity measures the responsiveness of a change in quantity to a change in price. Specifically, it quantifies how much the quantity demanded or supplied of a good or service changes in response to a change in its price.
Price elasticity measures which of the following?
The responsiveness of a change in quality in relation to a change in quantity.
The responsiveness of a change in quantity to a change in price.
How much the price goes down.
How much the price goes up.
1 answer
1 answer