Question
Elasticity of demand measures the responsiveness of the quantity demanded of a goods to a
Answer: Option B
Answer: (b)
Price elasticity of demand is a measure of the responsiveness of the quantity of a good or service demanded to changes in its price.
This measure of elasticity is sometimes referred to as the own-price elasticity of demand for a good, i.e., the elasticity of demand with respect to the good's own price, in order to distinguish it from the elasticity of demand for that good with respect to the change in the price of some other good, i.e., a complementary or substitute good.
Was this answer helpful ?
Answer: (b)
Price elasticity of demand is a measure of the responsiveness of the quantity of a good or service demanded to changes in its price.
This measure of elasticity is sometimes referred to as the own-price elasticity of demand for a good, i.e., the elasticity of demand with respect to the good's own price, in order to distinguish it from the elasticity of demand for that good with respect to the change in the price of some other good, i.e., a complementary or substitute good.
Was this answer helpful ?
More Questions on This Topic :
Question 2. Tooth paste is a product sold under :
....
Question 10. An increase in the quantity supplied suggests :
....
Latest Videos
Latest Test Papers
Submit Solution