The Price Elasticity of Demand Is a Measure of the Extent

question 62

Multiple Choice

The price elasticity of demand is a measure of the extent to which the quantity demanded of a good changes when ________ changes and all other influences on buyers' plans remain the same.

• A) income
• B) the price of a related good
• C) the price of the good
• D) the demand alone
• E) both the demand and the supply simultaneously

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Definitions:

Increased By

A mathematical operation indicating that a certain value should be added to another value, resulting in a larger amount.

Percent

A way to express a number as a fraction of 100, symbolized by the "%" sign.

Result

The final outcome or answer obtained from a calculation or experiment.

Increased By

A term indicating that a certain value has been added to the original amount, leading to a higher total.