ECONOMICS
ELASTICITY OF DEMAND
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
Definition of Cross Elasticity of Demand
|
|
Measures the responsiveness of consumers of a particulargood to a change in the good’s price.
|
|
|
Measures the responsiveness of consumers of onegood to a change in the price of a related good (either a substitute or a complement).
|
|
|
Measures the responsiveness of consumers of aparticular good to a change in their income.
|
|
|
Measures the responsiveness of producers of a particulargood to a change in the price of that good.
|
Explanation:
Detailed explanation-1: -What Is Cross Elasticity of Demand? The cross elasticity of demand is an economic concept that measures the responsiveness in the quantity demanded of one good when the price for another good changes.
There is 1 question to complete.