The price elasticity of demand measures the
a. responsiveness of a good's price to a change in quantity demanded
b. adaptability of suppliers when a change in demand alters the price of a good
c. responsiveness of quantity demanded to a change in a good's price
d. adaptability of buyers when there is a change in demand
e. responsiveness of quantity supplied to a change in quantity demanded
C
You might also like to view...
The price elasticity of demand is measured as
A) the ratio of the typical consumer's quantity demanded to the entire quantity demanded in the market. B) the percentage change in quantity demanded divided by the percentage change in price. C) the number of purchases divided by the price of the product. D) price divided by quantity. E) quantity divided by price.
A depreciation of the U.S. dollar
A) makes U.S. exports more expensive in terms of foreign currency and imports less expensive in terms of the dollar, increasing net exports. B) makes U.S. exports less expensive in terms of foreign currency and imports more expensive in terms of the dollar, increasing net exports. C) makes U.S. exports less expensive in terms of foreign currency and imports more expensive in terms of the dollar, decreasing net exports. D) makes U.S. exports more expensive in terms of foreign currency and imports less expensive in terms of the dollar, decreasing net exports.
When Jack consumes the first bottle of water, his utility increases by 20 utils. The second bottle of water increases his utility by 18 utils, and the third bottle of water increases his utility by 15 utils. This implies that the marginal utility of the second bottle of water is _____
a. 15 utils b. 18 utils c. 20 utils d. 24 utils
Compared to Western Europe, over the last three decades unemployment in the United States is ________ and the rate of job creation is ________.
A. higher; faster B. lower; faster C. lower; slower D. higher; slower