Price Elasticity of Demand

question 15

Multiple Choice

Price elasticity of demand

• A) usually increases over time.
• B) is greater than one if the percentage increase in the commodity's price is greater than the percentage decline in quantity demanded.
• C) is higher for an entire group of related products than it is for a particular product in that group.
• D) is very small when good substitutes are readily available for the commodity.
• E) is a positive number because price and quantity demanded move in the same direction.

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Definitions:

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