In general,elasticity is a measure of
A)the extent to which advances in technology are adopted by producers.
B)the extent to which a market is competitive.
C)how fast the price of a good responds to a shift of the supply curve or demand curve.
D)how much buyers and sellers respond to changes in market conditions.

Question

Quizplus · Accepted Answer

Elasticity is a measure of how buyers and sellers respond to changes in market conditions. Specifically, it measures how much the quantity demanded or supplied of a good or service changes in response to changes in price, income, or other factors. Elasticity can be used to predict how changes in market conditions will affect prices, quantities, and welfare.

In General,elasticity Is a Measure of