Asked by deborah farley on Sep 24, 2024

​In general,the smaller the price elasticity:

A) ​the smaller the responsiveness of price to changes in quantity. 
B) the smaller the responsiveness of quantity to changes in price.
C) the larger the responsiveness of price to changes in quantity. 
D) ​the larger the responsiveness of quantity to changes in price. 

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good.

Responsiveness of Quantity

The degree to which the quantity demanded or supplied responds to changes in price, income, or other factors.

Responsiveness of Price

The degree to which the demand or supply of a product changes in response to a change in price.

  • Grasp the factors affecting demand elasticity.