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

## Step 1<br />The 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". <br /><br />## Step 2<br />The 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.<br /><br />## Step 3<br />The other options provided, such as consumer expectation, consumer taste, and decreasing marginal utility, do not directly measure the responsiveness of consumers to price changes. <br /><br />## Step 4<br />Consumer expectation refers to what consumers believe will happen in the future, which can influence their current consumption and saving decisions. <br /><br />## Step 5<br />Consumer taste refers to the preferences of consumers, which can change over time due to factors such as advertising and changes in income. <br /><br />## Step 6<br />Decreasing 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.