Q.

Price elasticity of demand is best defined as

A. The change in the tastes of consumers at different prices
B. The rate of response of demand to a change in supply
C. The change in costs when output is increased by one unit
D. The rate of response of demand to a change in price
E. Being depended on whether the goods are a lusury or not
Answer» D. The rate of response of demand to a change in price
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