Demand Is Unit Elastic Whenever

question 75

Multiple Choice

Demand is unit elastic whenever

• A)price elasticity has an absolute value of 1
• B)price elasticity has an absolute value greater than 1
• C)price elasticity has an absolute value less than 1
• D)price elasticity is negative
• E)consumers always respond to a one­dollar change in price by decreasing their quantity demanded by one
• Unit

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Definitions:

Randomization

The process of randomly assigning study participants to different groups, such as treatment or control groups, to ensure objectivity and validity.

Group Assignment

A task or project assigned to a set of individuals expected to work collaboratively towards a common goal or outcome.

Construct

An abstract concept or theoretical entity that is created for the purpose of research or theory development.

Operational Definition

A clear, detailed description of how variables in a study are measured or manipulated.