If, for a Given Percentage Increase in Price, Quantity Demanded

question 28

Multiple Choice

If, for a given percentage increase in price, quantity demanded falls by a proportionately smaller percentage, then demand is

• A)unit elastic.
• B)perfectly elastic.
• C)relatively inelastic.
• D)relatively elastic.

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Definitions:

T-test

A statistical test used to compare the means of two groups to determine if there is a significant difference between them.

Null Hypothesis

The default assumption that there is no significant difference or effect, serving as the claim that the study seeks to test or refute.

F-ratio

A statistical measure used in the analysis of variance (ANOVA) to compare the variance between groups with the variance within groups.

F-ratio

A statistical measure used in the analysis of variance (ANOVA) to determine the ratio of variance between groups to the variance within groups.