Electricity Accounts for Almost 20% of the Cost of Making

question 3

Multiple Choice

Electricity accounts for almost 20% of the cost of making steel.A 10% increase in electricity prices results in steel firms decreasing production and thereby demanding 5% less electricity.Over many years,technological innovations can change the way steel firms make steel and reduce the industry's energy requirements.This suggests that the steel industry's short-run elasticity of demand for electricity is probably

• A) less than one in absolute terms in the short run.
• B) less than its long-run elasticity of demand for electricity.
• C) Both A and B above.
• D) Neither A nor B above.

---

Definitions:

Disturbed Psychotics

Individuals with severe mental disorders that significantly disrupt their thinking, feeling, and ability to relate to others, leading to impaired functioning.

State Institution

A facility or organization created and maintained by the government to provide a specific service to the public, such as hospitals, schools, or prisons.

Fully Functioning Person

A concept in humanistic psychology referring to an individual who is living in alignment with their true self, experiencing a continuous growth process.

Sense Of Freedom

The feeling or belief that one can act, speak, or think as they want without hindrance or restraint.