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What is​ own-price elasticity of​ demand?A.Price elasticity is a measure of how sensitive the quantity demanded of a product is to a change in price.B.Price elasticity is the ratio of the percentage change
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What is​ own-price elasticity of​ demand?A.Price elasticity is a measure of how sensitive the quantity demanded of a product is to a change in price.B.Price elasticity is the ratio of the percentage change in the quantity demanded to the percentage change in price.C.Price elasticity is equal to the slope of the demand curve.D.Both A and B are correct.E.All of the above are correct.

User Grzegorz Oledzki
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Answer:

The correct answer is option D.

Step-by-step explanation:

The price elasticity of demand measures the degree of responsiveness of quantity demanded to a change in price. It is the ratio of proportionate change in quantity demanded and proportionate change in price.

The slope of the demand curve is the ratio of the percentage change in the price and percentage change in quantity. It is related to the price elasticity but is not the same.

User Rappongy
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