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Elasticity of Demand

refers to how...

Question

refers to how consumers change their demand in response to change in market conditions.

A

Elasticity

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B

Relativity

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C

Percentage change

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D

Productivity

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Solution

The correct option is A Elasticity
The degree of responsiveness of quantity demanded to changes in price of the commodity is known as the price elasticity of demand.

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Q. ___ arises due to changes in market conditions i.e. Fluctuations in demand and supply, changes in prices or changes in fashion and tastes of customers.

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Q. Cross demand is the change in the quantity demanded of a given commodity in response to the __________________.

Q.
Elasticity of demand refers to change in quantity consequent upon change in price of the commodity.

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