Question
6. The greater the price elasticity of demand, the _________________________. a. more likely the product is a necessity b. smaller the responsiveness of quantity demanded
6. The greater the price elasticity of demand, the _________________________.
a. more likely the product is a necessity
b. smaller the responsiveness of quantity demanded to a change in price
c. greater the percentage change in price over the percentage change in quantity demanded
d. greater the responsiveness of quantity demanded to a change in price
7. Refer to the following diagrams:
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Microeconomics
Authors: Christopher T.S. Ragan
16th Canadian Edition
0134835832, 978-0134835839
