How much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price is called:

1. Price elasticity of demand
2. Change in Quantity Demand
3. Change in Demand
4. None of These
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Answer: A
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Quantity demanded changes as consumer income changes this is called:

1. Price elasticity of demand
2. Change in Quantity Demand
3. Income Elasticity of Demand
4. Change in Demand
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Answer: C
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When quantity demanded of one good changes as the price of another good changes is called:

1. Cross-price elasticity of demand
2. Price elasticity of demand
3. Change in Quantity Demand
4. Income Elasticity of Demand
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Answer: A
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