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QUESTION
Price elasticity of demand is a measure of buyer _____________________________ to price changes.
- Price elasticity of demand is a measure of buyer _____________________________ to price changes.
- Price elasticity of demand is defined as the percentage change in ________________________ divided by the percentage change in ______________________________.
- If price falls and total revenue falls, then, in that price range, demand was price ______________.
- A demand curve that exhibits zero responsiveness to price changes is ____________________ represented as a ___________________________ demand curve.
- List 3 determinants of price elasticity of demand:
- If the cross price elasticity of demand is positive, the two goods are _______________________
- The income elasticity of demand is positive for ______________________________ goods.
- Interpret the following price elasticity of demand: Ep = -2.8
