Price elasticity of demand measures?
Select ONE answer:
- % change in quantity demanded compared to % change in price
- % change in quantity supplied compared to % change in price
- % change in price compared to % change in supply
- % change in quantity demanded compared to % change in income
- % change in quantity demanded compared to % change in advertising
Explain what is meant by price-inelastic demand:
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This is multiple choice question is suitable for Economics KS5 classes.
The answer is 1 – The price elasticity of demand measures the sensitivity of the quantity demanded to changes in the price.
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