CAIE IGCSE Economics 2.6.1 Definition of Ped Questions
Understand price elasticity of demand in CAIE IGCSE Economics as the responsiveness of quantity demanded to a change in that product's own price.
- Syllabus
- 2027–2029
- Course
- Economics 0455
Exam points
- Define PED using quantity demanded and the product's own price, distinguishing income and cross-price changes.
CAIE IGCSE Economics 2.6.1 Definition of Ped Questions question 1
[Maximum number: 1]
What is the definition of price elasticity of demand?
A
the responsiveness of quantity demanded of a product to a change in income of consumers
B
the responsiveness of quantity demanded of a product to a change in the price of a complementary product
C
the responsiveness of quantity demanded of a product to a change in the price of that product
D
the responsiveness of quantity demanded of a product to a change in the price of a substitute product
C
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