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Which of the following statements is false?
Price Elasticity
The measure of responsiveness of the quantity demanded or quantity supplied of a good to a change in its price.
Daytona 500
An iconic annual NASCAR Cup Series motor race held in Daytona Beach, Florida, known as "The Great American Race."
Price Elasticity of Supply
A measure of how much the quantity supplied of a good responds to a change in the price of that good.
Price Elasticity of Demand
A measure of how the quantity demanded of a good changes in response to a change in its price, indicating its sensitivity to price changes.
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