Q
The price elasticity of demand is the ?
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A
A. Ratio of the change in price to the change in quantity demanded.
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B
B. Ratio of the percentage change in quantity demanded to the percentage change in price.
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C
C. Ratio of the change in quantity demanded to the change in price.
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D
D. Ratio of the percentage change in price to the percentage change in quantity demanded.
Correct Answer:
B. B. Ratio of the percentage change in quantity demanded to the percentage change in price.