[amp_mcq option1=”Qualitative statement” option2=”Quantitative statement” option3=”Both (Qualitative & Quantitative statements)” option4=”None of these” correct=”option3″]<\/p>\n
The correct answer is: C. Both (Qualitative & Quantitative statements)<\/strong><\/p>\n Elasticity of demand is a measure of how responsive consumers are to changes in the price of a good or service. It is a quantitative measure, meaning that it is expressed as a number. However, it can also be used to make qualitative statements about the responsiveness of consumers. For example, if the elasticity of demand for a good is high, we can say that consumers are very responsive to changes in the price of that good. This means that if the price of the good goes up, consumers will buy much less of it, and if the price goes down, they will buy much more of it.<\/p>\n On the other hand, if the elasticity of demand for a good is low, we can say that consumers are not very responsive to changes in the price of that good. This means that if the price of the good goes up, consumers will not buy much less of it, and if the price goes down, they will not buy much more of it.<\/p>\n In conclusion, elasticity of demand is both a quantitative and qualitative measure. It is a quantitative measure because it is expressed as a number, but it can also be used to make qualitative statements about the responsiveness of consumers.<\/p>\n","protected":false},"excerpt":{"rendered":" [amp_mcq option1=”Qualitative statement” option2=”Quantitative statement” option3=”Both (Qualitative & Quantitative statements)” option4=”None of these” correct=”option3″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-46603","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"\n