Price elasticity of demand is best defined as | Faculties

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Mr. Dubey

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Q. Price elasticity of demand is best defined as

(A) The change in the tastes of consumers at different prices
(B) The rate of response of demand to a change in supply
(C) The change in costs when output is increased by one unit
(D) The rate of response of demand to a change in price

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✅ Correct Answer: (D) The rate of response of demand to a change in price

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