Suppose the price of burgers increases from $2 to $3 each. The degree to which the quantity demanded of burgers responds to this price increase depends on the
A) price elasticity of supply.
B) cross elasticity of demand.
C) price elasticity of demand.
D) income elasticity of demand.

Question

Quizplus · Accepted Answer

The price elasticity of demand measures how much the quantity demanded of a good responds to a change in the price of that good, making it the correct answer in this context.

Suppose the Price of Burgers Increases from $2 to $3