12. What is elasticity of demand?
(1) Demand that is not very sensitive to a
change in price
(2) Demand that is very sensitive to a change
in price
(3) Demand whose elasticity is exactly equal
to 1
(4) A measure of how consumers react to a
change in price.

Explanation:

by using  production possibilities graph.  opportunity costs are key expenses in financial matters and are utilized as a part of registering money saving advantage investigation of a venture. such expenses, be that as it may, are not recorded in the record books but rather are perceived in basic leadership by processing the money costs and their subsequent benefit or misfortune.

both focus ón people who behave in a risky way and çause accídeñ both explaín how to púrchase insurance añd cover the costs of premium. both describe what happened when consumers fail to pay their premíums in time