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Question #47555

The price elasticity of demand is defined as ?

Options:

A) the percentage change in the quantity demanded divided by the percentage change in income.

B) the percentage change in income divided by the percentage change in the quantity demanded

C) the percentage change in the quantity demanded of a good divided by the percentage change in the price of that good

D) none of these answers

Answer: The price elasticity of demand is defined as the percentage change in the quantity demanded of a good divided by the percentage change in the price of that good.

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