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Elasticity Concepts in Economics
Elasticity Concepts in Economics
Quiz
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What is the price elasticity of demand (PED)?
A.
The sensitivity of total revenue to a change in quantity.
B.
The total change in quantity demanded due to a change in supply.
C.
The responsiveness of quantity demanded as a result of a change in price.
D.
The percentage change in price associated with a 1% change in quantity demanded.
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