Price Elasticity Refers to The

Multiple Choice

Price elasticity refers to the:

A) change in the demand for a good in response to a change in income.
B) rate at which product prices vary in response to changes in customer demand.
C) range of production costs that change as a direct function of the availability of raw materials.
D) rate at which demand for a product or service fluctuates with price change.
E) numerical measure of the responsiveness of the supply of a product to a change in its production cost.