Elasticity is a. a measure of how much buyers and sellers respond to changes in market conditions. b. the study of how the allocation of resources affects economic well-being. c. the maximum amount that a buyer will pay for a good.

Elasticity is  a measure of how much buyers and sellers respond to changes in market conditions.

Explanation:

Elasticity is a measure of a variable's responsiveness to a variation in another variable, most generally this consciousness is the variation in price applicable to fluctuations in other factors. It is predominantly practiced to evaluate the shift in consumer interest as a consequence of a variety in a good or service's price.

A product is supposed to be elastic if the quantity requirement of the product evolves drastically when its price rises or drops. Conversely, a product is deemed to be inelastic if the volume requirement of the product varies very little when its value alternates.

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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the third answer is correct.