Problemas
Which economic concept is described as the measure of how responsive consumers are to price change? consumer expectation consumer taste decreasing marginal utility elasticity of demand
Roztwór
Eulalia
maestro · Tutor durante 5 años
4.7
(304 Votos)
Respuesta
The correct answer is 'D', the elasticity of demand.
Explicación
## Step 1The question is asking for the economic concept that measures how responsive consumers are to price changes. This concept is known as the "elasticity of demand". ## Step 2The elasticity of demand is a measure of how much the quantity demanded of a good responds to a change in the price of that good. It is calculated as the percentage change in quantity demanded divided by the percentage change in price.## Step 3The other options provided, such as consumer expectation, consumer taste, and decreasing marginal utility, do not directly measure the responsiveness of consumers to price changes. ## Step 4Consumer expectation refers to what consumers believe will happen in the future, which can influence their current consumption and saving decisions. ## Step 5Consumer taste refers to the preferences of consumers, which can change over time due to factors such as advertising and changes in income. ## Step 6Decreasing marginal utility is a concept that states that as a person increases consumption of a product, there is a decline in the marginal utility that person receives from consuming an additional unit of that product.