___________ simply means the level of responsiveness to various changes within the economic system.
A)Proportion
B)Supply
C)Elasticity
D)Demand

Question

Quizplus · Accepted Answer

Elasticity simply means the level of responsiveness to various changes within the economic system.
Key Takeaway: The economic concept of elasticity seems very complicated, but at its core, it is simply the level of responsiveness to various changes that occur within the economic system. For an example, demand for any good is price elastic-that is, the demand will change in response to changes in the prices.

___________ Simply Means the Level of Responsiveness to Various Changes