Price elasticity of demand is defined as: Group of answer choices the slope of the demand curve. the slope of the demand curve d
1 answer:
Answer:
<h3>the percentage change in quantity demanded divided by the percentage change in price.</h3>Explanation:
- The basic feature of price elasticity of demand is to indicate that elasticity of demand of a good or a service change according to the change in the price of the good or the service.
- The price elasticity of demand measures the consumers' behavior of quantity demanded to a change in price. It is the percentage change in quantity demanded divided by the percentage change in price.
- Symbolically, it can be written as:
Elasticity of demand=
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