Which of the following best explains the meaning of the term price elasticity of demand as used
Fantastic news! We've Found the answer you've been seeking!
Question:
Which of the following best explains the meaning of the term price elasticity of demand as used in economics?
- the extent to which consumers’ purchases respond to a certain change in a product’s price.
- the tendency of shortages to disappear in the long run.
- the tendency of the market price to return to its equilibrium value if disturbed.
- the extent to which an economy can adapt to changing world conditions.
Related Book For
Posted Date: