Price elasticity of demand measures

how much the price changes when supply changesCorrect answerYour answerhow much the quantity demanded responds to a change in the good's priceCorrect answerYour answerhow much demand responds to incomeCorrect answerYour answerthe slope of the supply curveCorrect answerYour answer

Show the answer and explanation

CorrectNot quiteAnswer B

Correct answer: B

It is the degree of responsiveness of quantity demanded to the good's own price.

Concept: Meaning of price elasticity of demand
Typical timeTypical: 40 s
Your timeYours: —

The rule this testsThe percentage method

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Price elasticity of demand measures

Explanation