question archive In microeconomics, what term refers to the measurement of responsiveness of the quantity demanded or the quantity supplied to a change in price? a
In microeconomics, what term refers to the measurement of responsiveness of the quantity demanded or the quantity supplied to a change in price? a
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In microeconomics, what term refers to the measurement of responsiveness of the quantity demanded or the quantity supplied to a change in price?
a. Perfectly inelastic,
b. Demand curve,
c. Price elasticity,
d. Unit elastic.
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The answer is c. Price elasticity.
The price elasticity of demand (or the price elasticity of supply) measures the responsiveness of the quantity demanded (or quantity supplied) to an increase or decrease in the price. Both measures are used in economics to assess the effects of a change in the price of a product.c
