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The degree of responsiveness of demand to change in the price of goods or produce...

Agricultural Science
JAMB 2019

The degree of responsiveness of demand to change in the price of goods or produce is referred to as

  • A. Relative Elasticity of demand
  • B. Unit Elasticity of demand
  • C. Price Elasticity of demand
  • D. Perfect Elastic demand
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Correct Answer: Option C
Explanation

Price Elasticity of demand is the degree of responsiveness of demand to changes in the price of goods or produce.

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