Economics · Oct / Nov 2022 · Paper 12 · Question 7
2281Price elasticity of demand (PED)
What is the definition of price elasticity of demand?
- Athe responsiveness of quantity demanded of a product to a change in income of consumers
- Bthe responsiveness of quantity demanded of a product to a change in the price of a complementary product
- Cthe responsiveness of quantity demanded of a product to a change in the price of that product
- Dthe responsiveness of quantity demanded of a product to a change in the price of a substitute product
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Correct answer: C. the responsiveness of quantity demanded of a product to a change in the price of that product
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