O-LevelEconomicsThe allocation of resources2281/12 · Oct/Nov 2022 · Q71 Mark

What is the definition of price elasticity of demand?

Athe responsiveness of quantity demanded of a product to a change in income of consumers

Bthe responsiveness of quantity demanded of a product to a change in the price of a complementary product

Cthe responsiveness of quantity demanded of a product to a change in the price of that product

Dthe responsiveness of quantity demanded of a product to a change in the price of a substitute product

✓ Correct answer

C: the responsiveness of quantity demanded of a product to a change in the price of that product

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Topic: The allocation of resources, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, Oct/Nov 2022 Paper 1 Variant 2, question 7.

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