The degree to which quantity demanded changes after a price change is called elasticity of demand. a substitute good. a complementary good. consumer demand.

Question

Social Studies

Efrain Zimmerman

25 May, 22:39

The degree to which quantity demanded changes after a price change is called elasticity of demand. a substitute good. a complementary good. consumer demand.

+3

Answers (1)

Know the Answer?

Willie Frost · Answer 1

The degree to which quantity demanded changes after a price change is called elasticity of demand. It is the degree to which changes in a goods price affect quantity demanded by consumers and shows how sensitive the demand for a good is. If a change in price results in a big change in the amount supplied the demand is elastic.