Price elasticity of demand refers to the ratio of the: 1. percentage change in price of a product in response to the percentage change in quantity demanded of the good. 2. percentage change in price of a product in response to the percentage change in buyers income. 3. percentage change in quantity demanded of a product in response to the percentage change in the price of the good. 4. percentage change in quantity demanded of a product in response to the percentage change in price of another product. 5. none of the above.
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