The concept of price elasticity of demand measures

A) the slope of the demand curve.
B) the number of buyers in a market.
C) the extent to which the demand curve shifts as the result of a price decline.
D) the sensitivity of consumer purchases to price changes.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in its price, indicating the sensitivity of demand to price changes.

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded.

Consumer Purchases

Transactions in which individuals buy goods and services for personal use, reflecting consumer spending habits and economic health.