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Price elasticity of demand or supply measures how responsive

Economics
WAEC 2016

Price elasticity of demand or supply measures how responsive

  • A. consumers are to a change in price
  • B. sellers are to a change in price
  • C. sellers are to a change in price
  • D. buyers are to a change in income
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Correct Answer: Option C
Explanation

Price elasticity of supply or demand measures the responsiveness to the supply of a good or service after a change in its market price.

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