Price Elasticity of Demand Measures

question 130

Multiple Choice

Price elasticity of demand measures:

• A) the change in price brought about by a change in consumer demand.
• B) how consumers change their purchases in response to a change in income.
• C) how consumers change their purchases in response to a change in the price of a substitute good.
• D) how consumers change their purchases in response to a change in the price of a product.

---

Definitions:

Attention To Detail

The careful consideration and focus on the small parts or aspects of a task or activity to ensure accuracy and completeness.

Appellate Court

A court that reviews the decisions of lower courts to determine if legal errors were made that could change the outcome of the case.

Remanded

When an appellate court sends a case back to a lower court for further proceedings or a new trial, usually with specific instructions.

Reversed

When a decision or process is turned in the opposite direction or changed to the opposite status.