Which of the following can be measured by price elasticity of demand?
a) the impact of marginal revenue of a firm on its average revenue
b) the sensitivity of customer demand for a product to changes in the supply of the product
c) the sensitivity of a firm's revenues to changes in its product's price
d) the impact of fixed costs and variable costs on the break-even point
e) the percentage change in profit for a percentage change in product price
Answer: C