Question

If the price of umbrellas rose to $15 per umbrella, consumers would purchase fewer umbrellas than if the price were $10 per umbrella. If the price of rain boots fell to $20 per pair, consumers would purchase more rain boots than if the price were $25 per pair. These relationships illustrate the:_______.

Answer 1

The answer is Price elasticity of demand

Step-by-step explanation:

Price elasticity of demand measures the responsiveness of the quantity demanded of a good to a change in its price ceteris paribus ( when nothing but the price changes).