What is the price elasticity of demand - SS2 Economics Concept of Elasticity And Its Application Question
What is the price elasticity of demand?
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.
correct option: b
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