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The greater the price elasticity of demand the more likely the product is a necessity
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What do you mean by C in microeconomics?
C. the percentage change in the quantity demanded divided by the percentage change in price. C. the percentage change in the quantity demanded divided by the percentage change in price. Compare the demand for pepper with demand for clothes.
How are demand and price related in microeconomics?
C. the percentage change in the quantity demanded divided by the percentage change in price. C. the percentage change in the quantity demanded divided by the percentage change in price. Compare the demand for pepper with demand for clothes. A. more inelastic because pepper tends to be purchased more frequently.
Which is more elastic or more inelastic in microeconomics?
D. more elastic because pepper tends to represent a smaller fraction of a consumer's budget. E. more inelastic because pepper tends to represent a smaller fraction of a consumer's budget. E. more inelastic because pepper tends to represent a smaller fraction of a consumer's budget. Nice work! You just studied 7 terms!
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