Multiple Choice
The price elasticity of demand for a good measures the responsiveness of:
A) demand to a 1 percent change in price of that good.
B) price to a 1 percent change in the demand for that good.
C) quantity demanded to a 1 percent change in price of that good.
D) price to a 1 percent change in the quantity demanded of that good.
Correct Answer:
Verified
Correct Answer:
Verified
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