A Demand Curve That Is Perfectly Inelastic

question 30

Multiple Choice

A demand curve that is perfectly inelastic:

• A) will be vertical.
• B) will be horizontal.
• C) will be upward sloping.
• D) has an elasticity equal to 1 everywhere on the curve.

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Definitions:

Nominal Variable

A nominal variable is a type of categorical variable for which there is no natural ordering among the categories.

Nominal Data

Data categorized into discrete groups or categories without any natural order or ranking among them, such as gender or race.

Nominal Random Variable

A type of random variable that categorizes data without a natural order or ranking among the categories.

Interval Random Variable

This term seems incorrect or unconventional in this context; an "interval variable" is a type of numerical data that’s measured along a scale, and "random variable" pertains to a different statistical concept. NO.