What is the price elasticity of demand? O A. The extent to which a change in price is affected by something other than price O B. The extent to which quantity demanded responds to a change in price. O C. The extent to which quantity demanded responds to a change in income. O D. The extent to which quantity demanded responds to a change in input prices.

The change in quantity required or provided as a result of differences in the demand or supply drivers is referred to as elasticity in economics. It aids economists in forecasting market circumstances due to changes in a number of variables. This concept is in favour of the taxation of goods and services as well as government decision-making. This concept is also used by businesses and producers to foresee patterns in demand and estimate the price of their goods.