Price Elasticity of Demand Refers to

question 91

Multiple Choice

Price elasticity of demand refers to

• A)How responsive producers are to a change in the cost of production.
• B)How sensitive buyers are to a change in price.
• C)How buyers respond to a change in income.
• D)How buyers react to a change in the price of a substitute good.

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Definitions:

Nicotinic Receptors

A type of acetylcholine receptor found in the nervous system that is activated by nicotine.

Autonomic Ganglia

Clusters of nerve cells outside the central nervous system that relay signals to organs, controlling involuntary functions.

Sympathomimetic Agents

Drugs that mimic the effects of the sympathetic nervous system, like increasing heart rate and blood pressure.

Adrenergic Receptors

Proteins located on cell surfaces that respond to adrenaline and noradrenaline, playing a key role in the fight-or-flight response.