Economics · Economics
What does the price elasticity of demand measure?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The change in quantity demanded of one good due to a change in the price of a related good.
- 2The percentage change in quantity demanded of a good due to a percentage change in its own price.✓
- 3The proportional change in the price of good A and B.
- 4The proportional change in the quantity demanded of good A and B.
Correct answer
The percentage change in quantity demanded of a good due to a percentage change in its own price.
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