In general, elasticity is:
A)the friction that develops between buyer and seller in a market
B)a measure of how much government intervention is prevalent in a market
C)a measure of how much buyers and sellers respond to changes in market conditions
D)a measure of the competitive nature of a market

Question

Quizplus · Accepted Answer

Elasticity measures the responsiveness of buyers and sellers to changes in market conditions such as price, income, or availability of goods. It is a measure of how much buyers and sellers adjust their behavior in response to these changes.

In General, Elasticity Is