NECO Economics 2024 Objective — Question 7
Question 7 of 50 from the National Examinations Council (NECO) Economics 2024 Objective paper, with the correct answer and a full explanation.
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Price elasticity of demand is the responsiveness of quantity demanded to a change in
- A. A. demand for the product
- B. B. price of another product
- C. C. income of the buyer
- D. D. price of the productCorrect
Explanation
The price elasticity of demand (PED) is the degree or extent of responsiveness of demand to a change in the price of a commodity. PED = %Δ in Qd / %Δ in P
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