The Price Elasticity of Demand Measures The

question 221

Multiple Choice

The price elasticity of demand measures the:

• A)responsiveness of the change in quantity demanded to a change in price.
• B)change in price versus a change in quantity demanded.
• C)responsiveness of the change in the slope of the demand curve to a change in price.
• D)change in the slope of the demand curve versus a change in the quantity demanded.

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Definitions:

Equation

A statement in mathematics that claims two expressions are equal.

Solve

To find a solution or answer to a problem, especially a mathematical problem or equation.

Equivalent

A term used to describe two expressions or quantities that have the same value or mathematical property.

Equations

Mathematical statements asserting the equality of two expressions, composed of variables and constants.