Demand Is Said to Be Inelastic When

question 67

Multiple Choice

Demand is said to be inelastic when

• A)an increase in price results in a reduction in total revenue.
• B)a reduction in price results in an increase in total revenue.
• C)a reduction in price results in a decrease in total revenue.
• D)the elasticity coefficient exceeds one.

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Definitions:

Gender

A social construct that refers to the roles, behaviors, activities, and attributes that a given society considers appropriate for men and women.

Respondents

Individuals or entities who provide answers or responses in a survey or study.

Two-sample Chi-square

A statistical test used to determine if there is a significant difference between the categorical distributions of two independent samples.

Goodness-of-fit Test

A statistical test used to determine how well observed data fit a specific distribution or model.