If the Canucks Lower Ticket Prices and Find That Total

question 96

Multiple Choice

If the Canucks lower ticket prices and find that total revenue does not change, then the price elasticity of demand for tickets is

• A)zero.
• B)greater than zero but less than 1.
• C)equal to 1.
• D)greater than 1.
• E)negative.

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Definitions:

Lower Bin Limit

The smallest value in a range (bin) for grouping data points in a histogram or frequency distribution chart.

Histogram

A graphical display of data using bars of different heights to represent the frequency of numerical data intervals.

Bin Width

The size of intervals in a histogram or bar chart, determining the range of values each bin or bar represents.

Lower Bin Limit

The minimum value within a bin or interval in frequency distribution or histogram.