Question

What does elasticity of demand measure? (1 point)

Answer 1

Answer:

"how buyers will cut back or increase their demand when price rises or falls"

Explanation:

Hence the word elasticity.

Demand is defined by the number of people who buy your product during a certain period of time. It fluctuates greatly.

Cheaper prices will usually bring a lot more demand to a product, and increasing prices lowers demand. Businesses usually raise or lower prices depending on how much supply they have.

Hopefully this helps, I took business entrepreneurship this year in High School so we learned all about supply and demand.