Exam Question
Price elasticity of demand provides?
- 1. “A measure of the responsiveness of the quantity demanded to changes in the price of the product, holding constant.the values of all other variables in the demand function.”
- 2. A technical change in the goodwill of the firm
- 3. A technical change in the cost of product
- 4. Technical change in the value
View Answer
Answer 1. “A measure of the responsiveness of the quantity demanded to changes in the price of the product, holding constant.the values of all other variables in the demand function.”
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