Question
______ is defined as the ratio of percentage change in
the quantity demanded of a good caused by a percentage change in price.Solution
1.    Price Elasticity: The concept of price elasticity measures how responsive the quantity demanded or supplied of a good is to changes in its price. Elastic demand or supply means that quantity significantly changes in response to price changes, while inelastic demand or supply means quantity changes only slightly in response to price changes.  Elasticity = (% Change in Quantity demande)/(% change in price)
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