question archive Elasticity has which special meaning for economists? a
Elasticity has which special meaning for economists? a
Subject:EconomicsPrice:2.88 Bought3
Elasticity has which special meaning for economists?
a. A ration of percentage changes
b. How easily prices adjust to market changes
c. How price changes as quantities demanded change
d. When consumers will no longer react to price changes
e. Both a and b.
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The correct option is e. Both a and b.
Reason: The elasticity is the measure of percentage change in the quantity demanded with respect to the price change. The elasticity is the effect of price change on the demand and the market adjust accordingly. The changes in this price factor would affect the quantity demanded.
