The concept of price elasticity of demand measures
A)the slope of the demand curve.
B)the number of buyers in a market.
C)the extent to which the demand curve shifts as the result of a price decline.
D)the sensitivity of consumer purchases to price changes.

Question

Quizplus · Accepted Answer

Price elasticity of demand measures how much the quantity demanded of a good responds to a change in the price of that good, reflecting the sensitivity of consumers to price changes.

The Concept of Price Elasticity of Demand Measures