What is another word for price elasticity of demand?
Pronunciation: [pɹˈa͡ɪs ɪlastˈɪsɪti ɒv dɪmˈand] (IPA) 
Price elasticity of demand is a term used to describe the sensitivity of demand for a product in response to a change in its price. However, there are several synonyms for this term which are frequently used interchangeably. Some of these synonyms include demand elasticity, price responsiveness, price sensitivity, demand sensitivity, and elasticity of demand. All of these terms convey a similar idea of measuring how much a change in price affects the demand for a particular product. This concept is essential for businesses and policymakers to understand as it can help them make informed decisions about pricing strategies and market movements.
