The Price Elasticity of Demand Is Defined as the Percentage

question 103

True/False

The price elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in price.

---

Definitions:

Fixed Costs

Expenses that do not change with the amount of goods or services produced over a short period.

Variable Costs

Costs that vary directly with the level of production or service provision.

Fixed Costs

Expenses that do not change with the level of goods or services produced over a short time.

Variable Costs

Expenses that change in proportion to the activity or production level of a business.