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4. The concept of price elasticity of demand is important because it Select one: a. quantifies how responsive quantity demand is when there are changes

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4. The concept of price elasticity of demand is important because it Select one: a. quantifies how responsive quantity demand is when there are changes in price. b. shows how demand changes when there is a change in supply. c. quantifies how responsive the price is when there are changes in quantity demand. d. calculates the steepness of a demand line. The correct answer is: quantifies how responsive quantity demand is when there are changes in price

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