Compared to the Short Run,the Elasticity of Demand in the Long

question 129

Multiple Choice

Compared to the short run,the elasticity of demand in the long run is likely to

• A) decrease.
• B) remain unit elastic.
• C) increase.
• D) remain unchanged.

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Definitions:

Sample Standard Deviation

A measure of the amount of variation or dispersion of a set of values from a sample, indicating how spread out the values are from the mean of the sample.

Z Value

A Z value is a statistical measure representing the number of standard deviations a data point is from the mean.

Confidence Level

A statistical measure expressed as a percentage that indicates the probability that a given interval contains the true parameter or result.

Normal Distribution

A bell-shaped curve that represents the distribution of many types of data, where most observations cluster around the central peak.