If a Demand Curve for a Good Were Completely Vertical

question 144

Multiple Choice

If a demand curve for a good were completely vertical, it would be considered

• A) perfectly elastic.
• B) perfectly inelastic.
• C) of unitary elasticity.
• D) relatively inelastic.

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Definitions:

Population Proportion

A measure indicating the ratio of members in a defined category to the total population size.

Interval Estimate

A range of values derived from sample data within which a population parameter is estimated to lie, usually defined by two numbers representing the upper and lower limits.

Population Standard Deviation

A measure of the variability or dispersion of a population dataset, representing the square root of the variance.

Sample Size

The number of observations or data points collected in a subset of a population for the purpose of statistical analysis.