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Question
Which of the following is true of price elasticity of demand?A.The price elasticity of demand is only defined by the competitive conditions in a country.
B.Demand is said to be inelastic when a large change in price produces a large change in demand.
C.Demand is said to be elastic when a large change in price produces a small change in demand.
D.Price elasticity tends to be greater in countries with low income levels.
E.The elasticity of demand is inversely proportional to the number of competitors offering a particular product.
Answer
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