Economics · Microeconomics

Which economic term best describes the responsiveness or variation of the quantity demanded of a good relative to a change in its price?

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1Cost function
2Market forces
3Elasticity✓
4Supply

Correct answer

Elasticity

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Which economic term best describes the responsiveness or variation of the quantity demanded of a good relative to a change in its price?

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Which economic term best describes the responsiveness or variation of the quantity demanded of a good relative to a change in its price?

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