The Longer the Time Period Considered, the Price Elasticity of Demand

question 216

Multiple Choice

The longer the time period considered, the price elasticity of demand tends to:

• A)​decrease.
• B)​remain constant.
• C)​increase.
• D)​converge to zero.

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Definitions:

Frequency Distribution

A representation of data that shows how often each value or range of values occurs.

Sample

A portion of the overall population picked for conducting studies or inquiries in order to collect demographic data.

Frequency Polygon

A graphical representation of the distribution of a dataset that shows how often each value occurs, connecting each data point by straight lines.

Frequency Distribution

A summarization of data by reporting the number of observations that fall within each range or bin of values for a specific variable.