Questions: The price elasticity of demand measures the responsiveness of quantity demanded to a change in price.

The price elasticity of demand measures the responsiveness of quantity demanded to a change in price.
Transcript text: The price elasticity of demand measures the responsiveness of quantity demanded to a change in price.
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Solution

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The answer is the fourth one: price.

Explanation:

  1. Responsiveness of price to a change in quantity demanded: This describes a different concept, which is not the price elasticity of demand. It might refer to the inverse relationship, but it is not the standard definition.

  2. Quantity supplied: This is related to supply, not demand. The price elasticity of demand specifically measures how much the quantity demanded changes in response to a change in price, not quantity supplied.

  3. Income: This refers to income elasticity of demand, which measures how the quantity demanded changes in response to a change in consumer income, not price.

  4. Price: Correct. The price elasticity of demand measures the responsiveness of the quantity demanded of a good to a change in its price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price.

In summary, the price elasticity of demand is concerned with how sensitive the quantity demanded is to changes in the price of the good.

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