Which of the following terms represents the measure of responsiveness of purchasers and suppliers to a change in price?

Which of the following terms represents the measure of responsiveness of purchasers and suppliers to a change in price?

Which of the following terms represents the measure of responsiveness of purchasers and suppliers to a change in price?



a. Selectivity
b. Captivity
c. Elasticity
d. Sensitivity


Answer: C


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