Question

The elasticity of demand is

a. the level of necessity of a good or service.
b. the degree that changes in a good's price affect the quantity demanded by consumers.
c. the amount of complements and substitutes that a good or service has.
d. the change in a good's price after demand rises.

Answer 1

It's B the correct answer. Elasticity simply define as the change of the price on the deman and supply. I have studied this. So I am sure it's B. Hope I can help you