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if a given change in price brings a proportionately larger change in quantity demanded, the

Economics
WAEC 2015

if a given change in price brings a proportionately larger change in quantity demanded, the

  • A. demand is relatively price elastic
  • B. demand is relatively price inelastic
  • C. price elasticity of demand is unitary
  • D. price elasticity of demand is constant
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Correct Answer: Option A
Explanation

Price elasticity is a measure of the responsiveness of demand or supply of a good or service to changes in price. The price elasticity of demand measures the ratio of the proportionate change in quantity demanded to the proportionate change of theprice .

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