Demand Is Price Inelastic If a Relatively ________ Price Increase

question 194

Multiple Choice

Demand is price inelastic if a relatively ________ price increase leads to a relatively ________ in the quantity demanded.

• A) large; small increase
• B) small; large decrease
• C) large; small decrease
• D) small; large increase

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Definitions:

Pearson r

A measure of the linear correlation between two variables, ranging from -1 to 1, where 1 means a perfect positive linear relationship, -1 a perfect negative linear relationship, and 0 no linear relationship.

Number of Victimizations

The count or tally of instances in which individuals or entities are harmed or affected adversely, typically used in criminological and sociological research.

Scatterplots

A graph in which two variables are plotted along two axes, the pattern of the resulting points revealing any correlations.

Regression Equation

An equation that represents the relation between a dependent variable and one or more independent variables, used to predict the dependent variable.