Question
Elasticity of demand is the degree of responsiveness of demand of a commodity to a
Answer: Option B
Answer: (b)
The elasticity of demand, also known as price elasticity of demand, is the degree of responsiveness of demand to a change in price.
Its measure depends upon comparing the percentage change in the price with the resultant percentage change in the quantity demanded.
Thus, the elasticity of demand is the ratio of percentage change in the amount demanded to a percentage change in price.
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Answer: (b)
The elasticity of demand, also known as price elasticity of demand, is the degree of responsiveness of demand to a change in price.
Its measure depends upon comparing the percentage change in the price with the resultant percentage change in the quantity demanded.
Thus, the elasticity of demand is the ratio of percentage change in the amount demanded to a percentage change in price.
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