Economists Use the Concept of ________ to Measure How One

question 272

Multiple Choice

Economists use the concept of ________ to measure how one economic variable, such as quantity, responds to a change in another economic variable, such as price.

• A)slope
• B)efficiency
• C)relativity
• D)elasticity

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Definitions:

CDs

Compact discs, a digital optical disc storage format used for storing digital data, commonly audio.

Budget Constraint

Represents the combination of goods and services that a consumer can purchase given their income and the prices of the goods and services.

Bell Peppers

are a type of large, mild pepper that comes in various colors, including red, yellow, orange, and green, commonly used in cooking for their sweet flavor.

Budget Constraint

The limitation on the consumption bundles that a consumer can afford based on their income and the prices of goods or services.