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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 small 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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