If the Price Elasticity of Supply Is 1

question 84

Multiple Choice

If the price elasticity of supply is 1.3, supply is:

• A)unaffected by price changes.
• B)inelastic.
• C)unitary elastic.
• D)elastic.

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Definitions:

Sample Correlation

A measure that indicates the degree to which two variables change together, based on data drawn from a sample of the population.

Test Statistic

A value calculated from sample data during a statistical hypothesis test to determine the p-value or to compare against a critical value.

Prediction Interval

An estimated range of values within which a future observation is expected to fall, with a certain probability.

Independent Variable

A variable in an experiment or model that is manipulated or changed to assess its effects on a dependent variable.