Question on: SS2 Economics - Concept of Elasticity And Its Application
What is the price elasticity of demand?
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A
The responsiveness of quantity supplied to changes in price.
B
The responsiveness of quantity demanded to changes in price.
C
The responsiveness of quantity demanded to changes in income.
D
The responsiveness of quantity demanded of one good to changes in the price of another good.
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Correct Option: B
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