Price elasticity of demand is best defines as:

A. Change in the tastes of consumers at different prices

B. The rate of response of demand to a change in supply

C. The change in costs when output is increased by one unit

D. The responsiveness of demand to a change in price

Please do not use chat terms. Example: avoid using "grt" instead of "great".

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  1. If a good is an inferior good then an increase in incomes of the consumers will:
  2. The output where TC = TR & AC = AR:
  3. According to M.Kalecki, the true measure of the degree of monopoly power is the:
  4. Human wants are:
  5. According to Leontief technology, there:
  6. Along an isoquant, output remains same, and capital labor ratio:
  7. If the supply curve is not a straight line but curvilinear, the elasticity on all points of the supply…
  8. When SAC curve rises, SMC curve lies its:
  9. In second degree price discrimination, monopolist takes away :
  10. Each firm in cournot model can:
  11. The giffen paradox is an exception to law of:
  12. A demand curve which is horizontal and parallel to x-axis represents:
  13. In cournot model, each firm expects a reaction from his rival but the expected reaction is not:
  14. When was Adam Smiths major work An Enquiry into the Nature and Causes of Wealth of Nations published?
  15. Firms average and marginal revenues are equal under:
  16. Who first used the term Quasi-Rent?
  17. Price elasticity of demand is best defines as:
  18. If the commodities X and Y are perfect substitutes then:
  19. The cost curves of the firm shift due to changes in:
  20. A market-clearing price:
  21. If less is demanded at the same price or same quantity demanded at a lower price, it is a case of:
  22. Demand for a commodity is elastic when it has
  23. A firm in a position of equilibrium is supposed to be maximizing:
  24. The CES production function shows:
  25. The fundamental choices that a society must make about the use of its resources include:
  26. Ordinal approach includes arranging:
  27. A fall in demand for the product under monopolistic competition will likely result in:
  28. Because the price elasticity of demand for OPEC oil is approximately .08, in order to increase revenues…
  29. The concept of period refers to:
  30. The market demand for any commodity is the: