If the Numerical Value of the Price Elasticity of Supply

question 93

Multiple Choice

If the numerical value of the price elasticity of supply is zero,supply is categorized as being

• A) perfectly elastic.
• B) elastic.
• C) unitary elastic.
• D) inelastic.
• E) perfectly inelastic.

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Definitions:

Mutually Exclusive

A statistical term describing events that cannot occur at the same time, indicating no overlap in outcomes.

Joint Probability

The likelihood of two events happening at the same time.

Conditional Probability

The probability associated with an event under the condition that a separate event has already transpired.

P(A And B)

The probability that events A and B both occur in a probabilistic experiment.