alleryMatch demand response: 1. P: p. Pct rise 2. Q: q. Pct drop 3. Ed: r. Ratio
A1-p, 2-q, 3-r
B1-p, 2-r, 3-q
C1-q, 2-p, 3-r
D1-r, 2-p, 3-q
Answer & Solution
Correct answer: A. 1-p, 2-q, 3-r
Price elasticity of demand measures the ratio of percentage change in quantity demanded to percentage change in price.
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