4. Price elasticity of demand reflects

a. the degree to which firms are willing to supply quantities of goods to match any change in the demand by consumers for the goods.

b. the degree to which consumers are willing to demand goods to match any change in the quantities of the goods supplied by the firms.

c. the sensitivity of consumer demand to changes in the price of goods.

d. the sensitivity of prices to changes in consumer demand for the goods.

e. the willingness of firms to change prices when they anticipate changes in consumer demand.