The effect that price changes have on sales is known as ______.

A) the demand curve
B) the supply curve
C) the price elasticity
D) the price curve

Price Elasticity

A measure of how responsive the quantity demanded of a good is to a change in its price.

Demand Curve

The number of units of a product that people would be willing to purchase at different price levels.

Supply Curve

A graphical representation of the relationship between the price of a good or service and the quantity supplied for a given period.