单选题
With regard to elasticity, all of the following statements are correct except that
A、
the price elasticity of demand is calculated as the percentage change in quantity demanded divided by the percentage change in price.
B、
the availability of substitute products generally results in a product having high price elasticity.
C、
the price elasticity of demand indicates the degree of response to a change in price.
D、
demand tends to be more inelastic when the expenditures on a product are quite high relative to a consumer’s budget.
【正确答案】
D
【答案解析】
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