Economics · Theory of Demand
In economics, the term 'Elasticity of Demand' primarily refers to the:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Increase in demand triggered by marketing and advertisements
- 2Change in market demand caused by shifts in overall population size
- 3Fluctuation in the demand of a good corresponding directly to its supply levels
- 4Responsiveness of the quantity demanded of a good to a change in its price✓
Correct answer
Responsiveness of the quantity demanded of a good to a change in its price
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