If Quantity Demanded Does Not Change When the Price Changes

question 40

Multiple Choice

If quantity demanded does not change when the price changes, the demand:

• A) is elastic.
• B) is inelastic.
• C) has unit elasticity.
• D) is perfectly inelastic.

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Definitions:

Hourly Wages

Hourly wages are payments made to workers based on the number of hours worked, typically quoted as an amount of money per hour.

Margin Of Error

The ± value added to and subtracted from a point estimate in order to develop an interval estimate of a population parameter.

Confidence

The degree to which one can feel assured or certain about an inference or prediction, often expressed as a percentage.

Null Hypothesis

A default hypothesis that there is no effect or no difference, and it is subjected to a test to determine the likelihood of its accuracy.