When the Price of Fresh Fish Increases 10%, Quantity Demanded

question 172

Multiple Choice

When the price of fresh fish increases 10%, quantity demanded is unchanged. The price elasticity of demand for fresh fish is

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

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Definitions:

Educated Guess

An assumption or prediction based on knowledge, experience, and reasoning, often used in the context of forming a hypothesis.

Relationship Between Variables

The way in which two or more variables are associated with one another, which can be positive, negative, or neutral.

Hypothesis

A proposed explanation for a phenomenon, forming the basis for experimentation to validate or invalidate through observation and experimentation.

Theorem

A statement or proposition that is proven on the basis of previously established statements or proofs.