Price elasticity of demand is defined as
a. slope divided by price.
b. percentage change in price divided by percentage change in quantity demanded.
c. percentage change in quantity demanded divided by percentage change in price.
d. the inverse of the price elasticity of supply.
c
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Since 1900, real GDP per capita has ________ and this measure ________ the actual growth in standards of living in the United States over this time
A) increased; overstates B) decreased; understates C) increased; understates D) decreased; overstates
Initially, the economy is at point B on Figure 10-3 above. We conclude that before adjustment,
A) per person savings is at point D and the level of steady state investment is at point C. B) per person savings is at point E and the level of steady state investment is at point E. C) per person savings is at point G and the level of steady state investment is at point E. D) per person savings is at point C and steady state investment is at point D.