Q. Price elasticity of demand is best defined as (Solved)
1. The change in the tastes of consumers at different prices
2. The rate of response of demand to a change in supply
3. The change in costs when output is increased by one unit
4. The rate of response of demand to a change in price
5. Being depended on whether the goods are a lusury or not
- d. The rate of response of demand to a change in price