Price Elasticity of Demand Refers to

question 91

Multiple Choice

Price elasticity of demand refers to

• A)How responsive producers are to a change in the cost of production.
• B)How sensitive buyers are to a change in price.
• C)How buyers respond to a change in income.
• D)How buyers react to a change in the price of a substitute good.

---

Definitions:

Internal Control Relay

A virtual relay used within a PLC program to perform logic operations without physical hardware.

Output Field Device

Output field devices are components in a control system that receive signals from a controller to perform actions, such as actuators, valves, or lights, translating control signals into physical operations.

Programmed Logic

The application of logical operations to inputs to achieve a desired output, often implemented in programmable logic controllers (PLCs) or software.

XIC Instruction

A logical instruction used in PLC programming that stands for "Examine if Closed," checking if a condition is true (input or contact is on).