Concept:Price elasticity of demand measures how much the quantity demanded of a product changes when its own price changes.
Explanation:It is the ratio of the percentage change in quantity demanded to the percentage change in price.
The price considered here is the price of the same product, not another good or income.
This is expressed as:
Ed=% change in the price of the product% change in quantity demanded Option A is incorrect because it refers to demand as a whole, which depends on many factors besides price.
Option B leads to cross elasticity of demand, not price elasticity.
Option C leads to income elasticity of demand.
Option D correctly states the product's own price.
Answer:D. Price of the product.