The price elasticity of demand measures a. buyers' responsiveness to a change in the price of a good. b. the extent to which demand increases as additional buyers enter the market. c. how much more of a good consumers will demand when incomes rise d. the movement along a supply curve when there is a change in demand.

Question

Chemistry

Vance Raymond

30 September, 09:55

The price elasticity of demand measures a. buyers' responsiveness to a change in the price of a good. b. the extent to which demand increases as additional buyers enter the market. c. how much more of a good consumers will demand when incomes rise d. the movement along a supply curve when there is a change in demand.

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Greta Henson · Answer 1

Option A

The price elasticity of demand measures buyers' responsiveness to a change in the price of a good.

Explanation:

Price elasticity of demand holds the responsiveness of need subsequent a variation in a product's cost. In different terms, it's a process to comprehend out the responsiveness of buyers to inconstancies in cost. Price elasticity estimates the responsiveness of the measure necessitated or outfitted of a good to a shift in its demand.

The price elasticity of demand is the rate fluctuation in the amount demanded of a good or assistance distributed by the percentage shift in the price. Considering the quantity demanded habitually declines with value, the price elasticity coefficient is essentially forever negative.