If the Price Elasticity of Demand Is Equal to 0

question 106

True/False

If the price elasticity of demand is equal to 0, then demand is unit elastic.

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Definitions:

Model Significant

A statistical model that achieves significance levels indicating that it provides reliable predictions or insights.

Alpha

Often used in statistics to denote the level of significance, the threshold at which the null hypothesis is rejected in hypothesis testing.

Coefficient Of Determination

A measure of the goodness of fit of the estimated regression equation. It can be interpreted as the proportion of the variability in the dependent variable y that is explained by the estimated regression equation.

Correlation Coefficient

A measure of the strength of the linear relationship between two variables.