Exam (elaborations)
C718- WGU Microeconomics 2023 Correct Questions & Answers
- Course
- Institution
price elasticity of demand - ANSWER Measures responsiveness of consumers to a change in price. % change QD/%change in price Unit Elastic - ANSWER Quantity Demanded changes by same percent as price changes. Ed=1 %ΔP=%ΔQ Inelastic Demand - ANSWER Quantity demanded does not respond strongly...
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