What does the price elasticity of demand measure?
Part 2
A.
The amount that the demand curve shifts when there is a change in the price of the good.
B.
The change in quantity demanded when there is a 1% change in income.
C.
How long it takes consumers to react when there is a change in the price of a good.
D.
The responsiveness of quantity demanded to a change in the price of a good.
1 answer
D. The responsiveness of quantity demanded to a change in the price of a good.