The Responsiveness or the Sensitivity of Consumer Demand to Changes

question 99

Multiple Choice

The responsiveness or the sensitivity of consumer demand to changes in price occurs when consumers buy more or less of a product when the price changes.What is this called?

• A) the break-even point
• B) elasticity of demand
• C) the point of equilibrium
• D) unitary revenue

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Definitions:

Conversion

The unauthorized act of possessing or disposing of someone else's property as if it were one's own, infringing the owner's rights.

Cashed Check

A check that has been presented to a bank or financial institution and exchanged for the equivalent amount in cash, indicating the check has been successfully processed.

Presentment Warranty

A guarantee made to the person who accepts or pays a negotiable instrument that certain facts are true as of the date of its transfer.

Alteration

A change or adjustment made to something, which can modify its appearance, function, or condition.