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Question
Which of the following statement is true?
Options
Price Elasticity of Demand is defined as the measurement of the percentage in quantity demanded in response to a given percentage change in own price of the commodity.
Price Elasticity of Demand is defined as the measurement of the percentage in quantity supplied in response to a given percentage change in own price of the commodity.
Price Elasticity of Demand is defined as the measurement of the percentage in quantity demanded in response to a given percentage change in own production of the commodity.
Price Elasticity of Demand is defined as the measurement of the percentage in quantity produced in response to a given percentage change in own price of the commodity.
Solution
Price Elasticity of Demand is defined as the measurement of the percentage in quantity demanded in response to a given percentage change in own price of the commodity.
