Elasticity is a measure that does not depend on the units used to measure price and quantities.

Name: Elasticity is a measure that does not depend on the units used to measure price and quantities.
Brand: Quizplus
Rating: 4.9 (27 reviews)

Question

Quizplus · Accepted Answer

Elasticity is a dimensionless measure, meaning it does not depend on the units used to measure price and quantities because it is calculated as a percentage change in quantity over a percentage change in price.

Elasticity Is a Measure That Does Not Depend on the Units