APFIVE Price Elasticity of Demand and Supply
Which of the following best describes a similarity between the price elasticity of demand and the price elasticity of supply?
A
Both measure the responsiveness of quantity to percentage changes in price.
B
Both indicate that higher prices always lead to higher quantities.
C
Both assume that all other market factors are perturbed simultaneously.
D
Both are unaffected by substitute availability and production technology.
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