Which term best describes the resultant price effect of dollar duration?

The term that best describes the resultant price effect of dollar duration is price sensitivity.

Dollar duration measures the sensitivity of the price of a bond (or a bond portfolio) to changes in interest rates, taking into account both the bond's duration and its market value. Price sensitivity reflects how much the price of the bond will change for a given change in interest rates. Specifically, a longer duration indicates a greater sensitivity to interest rate changes, meaning as interest rates rise, the prices of bonds with longer durations tend to fall more significantly.

Fundamentally, understanding price sensitivity is crucial for fixed-income portfolio management since it allows investors to assess the potential impact of interest rate fluctuations on the prices of securities they hold or are considering purchasing.

In contrast, duration risk refers more broadly to the risk of price changes due to interest rate movements associated with the duration of a bond, rather than specifically addressing the price effect. Interest rate exposure deals with the risk associated with changes in interest rates but does not specifically quantify how price will change in response to those rate movements. Yield management pertains more to optimizing yields in a portfolio context and is not directly linked to the price effects of interest rate changes.