if a given change in price brings a proportiona... - WAEC Economics 2015 Question
if a given change in price brings a proportionately larger change in quantity demanded, the
A
demand is relatively price elastic
B
demand is relatively price inelastic
C
price elasticity of demand is unitary
D
price elasticity of demand is constant
correct option: a
Price elasticity is a measure of the responsiveness of demand or supply of a good or service to changes in price. The price elasticity of demand measures the ratio of the proportionate change in quantity demanded to the proportionate change of theprice .
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