Elasticity is always _____.
A)measured in dollars
B)measured in utils
C)measured in units of quantity
D)measured in pounds
E)independent of the units of measurement for price and quantity

Question

Elasticity is always _____.​
A)measured in dollars
B)measured in utils
C)measured in units of quantity
D)measured in pounds
E)independent of the units of measurement for price and quantity

Quizplus · Accepted Answer

Elasticity is a measure of how responsive the quantity demanded (or supplied) is to changes in price (or income). Therefore, it is a unit-free measure and is independent of the units of measurement for price and quantity. Choosing options A, B, C, or D would be incorrect as elasticity is not measured in any particular units like dollars, utils, or pounds.

Elasticity Is Always _____.​

Elasticity Is Always _____.