The Responsiveness of Quantity Demanded of a Good to Changes

question 122

Multiple Choice

The responsiveness of quantity demanded of a good to changes in its price is the

• A) cross elasticity of demand.
• B) price elasticity of supply.
• C) income elasticity.
• D) price elasticity of demand.

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Definitions:

Political Science Major

An academic discipline that focuses on the study of government, political processes, and political behavior.

English Major

An academic field of study that focuses on literature, language, and writing in the English language.

Expected Utility

Sum of the utilities associated with all possible outcomes, weighted by the probability that each outcome will occur.

Income

The money a person or business receives in exchange for providing a good or service or through investing capital.