Answers
The correct answer to this question is option C, which is price elasticity of demand and price elasticity of supply.
Price elasticity of demand is the responsiveness of the quantity demanded to the change in price.
Price elasticity of demand = (%change in quantity demanded/ % change in price)
Price elasticity of supply is the responsiveness of the quantity supplied to the change in price.
Price elasticity of supply = (%change in quantity supplied / % change in price)
From option A and D, there is nothing called income elasticity of supply.
From option B, there is nothing called preference elasticity of demand.
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