Match the following:
a. Responsiveness of demand to change in price | 1. Income elasticity of demand |
b. Responsiveness of demand to change in tastes | 2. Price elasticity of demand |
c. Responsiveness of demand to change in income | 3. Cross elasticity of demand |
d. Responsiveness of demand to change in price of related goods | 4. Taste elasticity of demand |
A. a-4, b-3, c-1, d-2
B. a-1, b-2, c-3, d-4
C. a-3, b-4, c-2, d-1
D. a-2, b-4, c-1, d-3
Answer: Option D
Join The Discussion