Elasticity has which special meaning for economists?
A) b and c.
B) A ratio of percentage changes.
C) How easily prices adjust to market changes.
D) How price changes as quantities demanded change.
E) When consumers will no longer react to price changes.

Question

Quizplus · Accepted Answer

Elasticity has a special meaning for economists as it refers to the ratio of percentage changes, particularly how quantities demanded change as prices change.

Elasticity Has Which Special Meaning for Economists