Economics 0455 · IGCSE · Price elasticity of demand (PED)

Price elasticity of demand (PED) — practice question

What is meant by price elasticity of demand?

  • Athe responsiveness of quantity demanded of a product to a change in income of consumers
  • Bthe responsiveness of quantity demanded of a product to a change in the price of a complementary product
  • Cthe responsiveness of quantity demanded of a product to a change in the price of that product
  • Dthe responsiveness of quantity demanded of a product to a change in the price of a substitute product

Worked solution & mark scheme

This 1-mark question has a full step-by-step worked solution and mark scheme.

  • Full mark scheme, point by point
  • Step-by-step worked solution
  • Write your answer & get it marked instantly by AI