The Elasticity of Demand

question 53

Multiple Choice

The elasticity of demand:

• A) equals the inverse of price to quantity demanded.
• B) measures how far the demand curve shifts from a change in price.
• C) tells us how responsive consumer purchases are to price changes.
• D) estimates the relationship between quantity demanded and production costs.

---

Definitions:

Strategic Human Resources Management

An approach to managing human resources that supports long-term business goals and outcomes with a strategic framework.

HR Talent Management

Strategic approach to attracting, developing, retaining, and utilizing people with the required skills and aptitude to meet current and future business needs.

Benchmarking

A process that can enhance organizational performance by establishing standards against which processes, products, and performance can be compared and improved.

Human Capital Perspective

Viewing employees as valuable resources whose skills and abilities contribute to organizational success.