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What does price elasticity of demand measure?
Change in price caused by changes in demand
The rate of change of sales
The responsiveness of demand to price changes
The value of sales at a given price
The price elasticity of demand measures the responsiveness of the quantity demanded to changes in the price. Demand is inelastic if it does not respond much to price changes, and elastic if demand changes a lot when the price changes. Necessities tend to have inelastic demand.
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