The Price Elasticity of Demand Is a Measure of

question 248

Multiple Choice

The price elasticity of demand is a measure of

• A) the equilibrium price of a product.
• B) buyers' responsiveness to changes in the price of a product.
• C) the amount of a product purchased when income increases.
• D) whether a product is a substitute or a complement.
• E) how much a change in demand affects the equilibrium price.

---

Definitions:

Policy Leadership

The role or actions of leading and navigating the development, implementation, or advocacy of public policies, often involving envisioning policy changes and mobilizing resources or support.

Human Condition

The characteristics, key events, and situations which compose the essentials of human existence, such as birth, growth, emotionality, aspiration, conflict, and mortality.

Policy Practice

The application of policy analysis, development, and advocacy skills in professional practice to influence public policy.

Policy Advocacy

The act of arguing in favor of, or against, policies in order to influence public opinion or policy decisions at various levels of government.