The price elasticity of demand equals magnitude of the
A) change in the price divided by the change in quantity demanded.
B) change in the quantity demanded divided by the change in price.
C) percentage change in the price divided by the percentage change in the quantity demanded.
D) percentage change in the quantity demanded divided by the percentage change in the price.
D
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Rent seeking
a. is the attempt to find apartments in a rent-controlled city b. only makes sense in a monopolistically competitive industry c. is a zero-sum game because the public's loss is the rent seeker's gain d. is the expenditure of resources to obtain favorable treatment from government e. occurs because of cyclical majority
What is the rationale for the slope of an indifference curve in a two-product (A and B) case?
Please provide the best answer for the statement.