If an increase in the supply of a product in the market results in a decrease in price, but no change in the quantity traded, then D) The price elasticity of demand is zero.
The relationship between the percentage change in a product's quantity demanded and the percentage change in price is known as price elasticity of demand. It helps economists comprehend how supply and demand shift in response to changes in a product's price. A product is deemed elastic if a price adjustment results in a sizable change in either its supply or demand. Generally speaking, it denotes that there are suitable alternatives to the product. Examples are cookies, expensive cars, and coffee.
A seller of a good can choose pricing methods with confidence if they are aware of the demand's price elasticity.
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