Which of the following most completely describes the concept of price elasticity of demand?
a. A measure of the responsiveness of quantity demanded to a change in consumer income
b. A measure of the responsiveness of quantity demanded to a change in the price of a substitute
c. The percentage change in quantity demanded divided by the percentage change in price
d. The percentage change in quantity demanded divided by the percentage change in the price of a substitute
c
You might also like to view...
Exhibit 1A-5 Straight line
In Exhibit 1A-5, the slope for straight line CD is:
A. 5. B. 1. C. ?1. D. ?5.
In Figure 32.1, at the supported price-quantity combination where production is limited, the producer surplus is 
A. APfloorB. B. HP*C. C. P*AC. D. HPfloorBG.
A checkable account
A) is a very illiquid asset. B) is one on which the holder can write checks. C) must be traded on the stock exchange. D) cannot serve as a store of value.
Scarcity means
a. unlimited wants and unlimited available resources. b. unlimited wants and limited available resources. c. limited wants and limited available resources. d. limited wants and unlimited available resources.