Price Elasticity of Demand Is Defined as the

question 17

Multiple Choice

Price elasticity of demand is defined as the

• A) percentage increase in price induced by a decrease in demand.
• B) absolute change in quantity demanded divided by the absolute change in price.
• C) maximum amount consumers will pay for increased quantity.
• D) percentage amount by which price can change without affecting the quantity demanded.
• E) percentage change in quantity demanded induced by a 1 percent change in price.

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