Question

Price elasticity of demand is the difference in the quantity demanded compared to the difference in __________. A. quantity supplied B. production cost C. consumer price D. quality of the good

Answer 1

Answer:

I think that the answer is C

Explanation:

Answer 2

Answer:

The correct answer is C. Price elasticity of demand is the difference in the quantity demanded compared to the difference in consumer price.

Explanation:

The price elasticity of demand is a measure of price sensitivity in microeconomics. Specifically, demand's price elasticity measures how many percent of demand for a good changes when the price changes by 1%.

Price elasticities are almost always negative, that is, the demand for a good goes down as the price increases, and vice versa. Only goods that do not follow the law of demand have positive price elasticity.