If a 15 Percent Reduction in the Price of Electricity

question 110

Multiple Choice

If a 15 percent reduction in the price of electricity per kilowatt hour has no impact on the total electricity consumption,we can infer that in the short run,the demand for electricity is _____.

• A)perfectly inelastic
• B)perfectly elastic
• C)unitary elastic
• D)relatively inelastic
• E)relatively elastic

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Definitions:

Ethnocentrism

The tendency to evaluate other cultures according to the standards and customs of one's own culture, often leading to prejudice against other cultures.

Negative Sanctions

Punishments or penalties applied by a society or a group within a society against its members who violate established norms, laws, or expectations.

Authoritative Body

An organization or institution possessing the power, credibility, and legitimacy to enforce rules, make decisions, and govern within a specific domain or sector.

Formal Institution

An establishment founded on established laws and organized principles, playing a critical role in society, such as governmental bodies, educational institutions, and corporations.