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In microeconomics, what does the term 'elasticity' refer to?

Practice Questions

Q1
In microeconomics, what does the term 'elasticity' refer to?
  1. The responsiveness of demand to price changes
  2. The total revenue generated by a firm
  3. The cost of production
  4. The level of competition in a market

Questions & Step-by-Step Solutions

In microeconomics, what does the term 'elasticity' refer to?
  • Step 1: Understand that elasticity is a concept in economics.
  • Step 2: Know that it measures how much something changes when something else changes.
  • Step 3: In this case, elasticity looks at how the quantity of a good people want (demand) or how much of a good is available (supply) changes.
  • Step 4: Specifically, it focuses on changes in price.
  • Step 5: If the price goes up or down, elasticity tells us how much the demand or supply will increase or decrease.
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