-In the Above Figure, at Which Point on the Demand

question 120

Multiple Choice

-In the above figure, at which point on the demand curve is the price elasticity of demand equal to 1?

• A) a
• B) b
• C) c
• D) It is impossible to say at which point the elasticity equals one.

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Definitions:

Cumulative Frequency

The total of a frequency and all frequencies so far in a frequency distribution.

Relative Frequency

The ratio of the number of times a particular value occurs to the total number of occurrences.

Midpoint

The value exactly in the middle of a range, or the average of two numbers.

Hours Worked

The total time period that an employee spends performing tasks or duties for an employer during a given timeframe.