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Price elasticity refers to the:a. change in the demand for a good in response to a change in income.b. rate at which product prices vary in response to changes in customer demand.c. rate at which demand for a product or service fluctuates with price change.d. range of production costs that change as a direct function of the availability of raw materials.e. numerical measure of the responsiveness of the supply of a product to a change in its production cost.

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