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 firms' profits respond to changes in market prices.
D)how much buyers and sellers respond to changes in market conditions.

Question

Quizplus · Accepted Answer

Elasticity measures the responsiveness of buyers and sellers to changes in market conditions such as price, income, and availability of substitutes. It indicates how much the quantity demanded or supplied changes in response to a change in one of these factors. Therefore, option D is the best choice as it accurately describes the general concept of elasticity. Options A, B, and C are not directly related to elasticity.

In General,elasticity Is a Measure of