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    Question

    The elasticity of demand measures the responsiveness of

    the quantity demanded of goods to a┬а
    A Change in the price of goods Correct Answer Incorrect Answer
    B Change in the price of substitutes Correct Answer Incorrect Answer
    C Change in the prices of the complements Correct Answer Incorrect Answer
    D Change in the price of joint products Correct Answer Incorrect Answer

    Solution

    Elasticity of demand is the responsiveness of the quantity demanded of a commodity to changes in one of the variables on which demand depends, in other words, it is the percentage change in quantity demanded divided by the percentage in one which the demand depends.

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