MC19. What is elasticity of demand?
A. The measure of how much the quantity demanded of a good changes in response to a change in price.
B. The measure of how much the quantity supplied of a good changes in response to a change in price.
C. The measure of how much the quantity demanded of a good changes in response to a change in income.
D. The measure of how much the quantity supplied of a good changes in response to a change in income.
Answer:A
MC19. What is elasticity of demand?
A. The measure of how much the quantity demanded of a good changes in response to a change in price. B. The measure of how much the quantity supplied of a good changes in response to a change in price. C. The measure of how much the quantity demanded of a good changes in response to a change in income. D. The measure of how much the quantity supplied of a good changes in response to a change in income.