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:

Enriched Education

An educational approach that aims to provide students with experiences above and beyond the standard curriculum, often including more interactive, hands-on learning activities.

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Lacking in the necessary resources, qualities, or conditions for success or development compared to others in a society.

Heritability

A measure in genetics that indicates how much of the variation in a trait in a population can be attributed to genetic differences among individuals within that population.

IQ

An intelligence quotient, a measure of a person's cognitive abilities compared to the population, usually determined by standardized tests.