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
Correct Answer: C. sellers are to a change in price
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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