price elasticity
Price elasticity refers to the responsiveness or sensitivity of demand for a product or service to changes in its price. It measures how much the quantity demanded of a good or service changes, relative to a change in its price.
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Related Concepts (15)
- complementary goods
- cross-price elasticity
- demand elasticity
- elasticity coefficient
- elasticity of demand formula
- elasticity of supply
- essential goods
- income elasticity
- luxury goods
- market competition
- market equilibrium
- price discrimination
- price elasticity of demand and revenue
- price sensitivity
- substitution effect