When the price elasticity of demand is elastic, a consumer is a. completely unresponsive to a...
When the price elasticity of demand is elastic, a consumer is
|
a. |
completely unresponsive to a change in price. |
|
b. |
relatively unresponsive to a change in price. |
|
c. |
unaffected by a change in price. |
|
d. |
relatively responsive to a change in price. |
|
e. |
completely responsive to a change in price. |
Homework Answers
Since the elasticity of demand can be defined as the measurement of the degree of the responsiveness of the quantity demand due to the change in the price level.
If the consumer is relatively responsive to a change in the price, the demand is said to be elastic.
If the consumer is relatively unresponsive to a change in the price, the demand is said to be inelastic.
If the consumer is completely responsive to a change in the price, the demand is said to be perfectly elastic.
If the consumer is completely unresponsive to a change in the price, the demand is said to be perfectly inelastic.
It means when the price elasticity of demand is elastic, a consumer is relatively responsive to a change in price.
Hence option d is the correct answer.
option d; relatively responsive to a change in price.
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