Assume That the Short-Run Price Elasticity of Demand for Electricity

question 112

Multiple Choice

Assume that the short-run price elasticity of demand for electricity is 0.03 and the long-run price elasticity of demand is 1.1.The short-run elasticity is classified as being ___________ and the long-run elasticity is classified as being _____________.

• A) elastic;elastic
• B) elastic;inelastic
• C) inelastic;unit elastic
• D) inelastic;elastic
• E) inelastic;inelastic

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Definitions:

Unconditioned Stimulus

A stimulus that naturally and automatically triggers a response without prior conditioning.

Conditioned Stimulus

An initially neutral signal that, through association with an unconditioned stimulus, eventually elicits a conditioned response.

Unconditioned Stimulus

A stimulus that elicits a natural, reflexive response without the need for prior conditioning.

Minimal Effects

Changes or impacts that are barely noticeable or have little to no significant influence on the overall condition or outcome.