If E = 1, Demand Is Said to Be

question 10

Multiple Choice

If E = 1, demand is said to be

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

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Definitions:

Simple Random Sample

An element of a statistical population where each member has an equal chance of being included.

Sample Proportion

The fraction of items in a sample that have a particular attribute, used as an estimate of the proportion in the full population.

Population Proportion

The ratio of members in a population who have a certain attribute to the total number of members in the population.

Equal Chance

The principle or condition ensuring that all outcomes or members of a group have the same probability of occurrence or selection.