If a 10 Percent Price Increase Causes the Quantity Demanded

question 36

True/False

If a 10 percent price increase causes the quantity demanded for a good to decrease by 10 percent, demand is unitary elastic.
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Definitions:

F-ratio

A statistical measure used in the analysis of variance (ANOVA), calculated by dividing the variance among group means by the variance within the groups.

Null Hypothesis

A default hypothesis that there is no effect or no difference, used as a starting point for statistical significance testing.

Analytical Comparisons

Comparisons between groups that are part of a larger research design.

Specific Hypothesis

A precise statement or prediction about the relationship between two or more variables that can be tested.