Final answer:
Price elasticity of demand and price elasticity of supply are used to measure the sensitivity of resource quantity changes to resource price changes along a demand curve.
Step-by-step explanation:
The measurement of the sensitivity of resource quantity to changes in resource prices along a fixed resource demand curve is known as the price elasticity of demand. This is part of the broader economic concept of elasticity, which reflects how a percentage change in one variable, such as resource price, results in a percentage change in another variable, like resource quantity. The price elasticity of supply works similarly, demonstrating the responsiveness of quantity supplied to changes in price. Both elasticity measurements provide valuable information for businesses and economists to predict how changes in market conditions can affect supply and demand dynamics.