Multiple Choice
Which of the following statements is false?
A) Income elasticity of demand measures the responsiveness of quantity demanded to changes in income.
B) Price elasticity of demand measures the responsiveness of quantity demanded to changes in price.
C) Price elasticity of demand and the slope of a demand curve are the same thing.
D) The more substitutes for a good, the higher the price elasticity of demand, ceteris paribus.
Correct Answer:
Verified
Correct Answer:
Verified
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