Multiple Choice
Price elasticity of demand refers to the:
A) percentage increase in price in response to a percentage increase in quantity demanded.
B) percentage decrease in price in response to a percentage increase in income.
C) minimum amount that consumers will pay for a percentage change in quantity demanded or supplied.
D) responsiveness of quantity demanded to a change in the price of a good.
Correct Answer:
Verified
Correct Answer:
Verified
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