If Electricity Prices Rise Substantially but Quantity Demanded Does Not

question 51

Multiple Choice

If electricity prices rise substantially but quantity demanded does not decrease very much, then electricity is probably:

• A) elastic.
• B) inelastic.
• C) unit elastic.
• D) absolute.

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Definitions:

Order

The arrangement or sequence of objects or events, or a principle of arrangement; in mathematics, it often refers to the degree of a polynomial or differential equation.

Matrix

A rectangular array of numbers, symbols, or expressions, arranged in rows and columns, that is used in mathematics to represent and solve linear equations and perform other operations.

Linear Equations

Algebraic equations where each term is either a constant or the product of a constant and a single variable, with no variables multiplied together or raised to any power higher than one.

Linear Equations

Equations of the first degree, meaning they can be represented as a straight line on a graph with variables that have no exponent or are to the power of one.