Day: July 23, 2017

Price elasticity of demand measures?

Select ONE answer:

1. % change in quantity demanded compared to % change in price
2. % change in quantity supplied compared to % change in price
3. % change in price compared to % change in supply
4. % change in quantity demanded compared to % change in income
5. % change in quantity demanded compared to % change in advertising

Explain what is meant by price-inelastic demand:

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This is multiple choice question is suitable for Economics KS5 classes.

The answer is 1 – The price elasticity of demand measures the sensitivity of the quantity demanded to changes in the price.

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