The Statement Which Is Correct About the Price Elasticity of Demand

question 211

Multiple Choice

The statement which is correct about the price elasticity of demand is:

• A)the elasticity of demand for a good in general is equal to the elasticity of demand for a specific brand of the good.
• B)the absolute value of the elasticity of demand ranges from zero to one.
• C)demand is more elastic in the long run than it is in the short run.
• D)demand is more elastic the smaller the percentage of the consumer's budget the item takes up.

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