A Demand Curve That Is Drawn as a Vertical Line

question 44

Multiple Choice

A demand curve that is drawn as a vertical line has a price elasticity of demand equal to:

• A)0.
• B)1.
• C)infinity.
• D)the quantity.

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Definitions:

Normal Distribution

This refers to a probability distribution characterized by its symmetry about the mean, highlighting that data closer to the mean are encountered more frequently than data far from the mean.

Degrees of Freedom

The number of independent pieces of information used in the calculation of a statistic, often representing the number of values free to vary.

T Distribution

A probability distribution used in statistical analysis when the sample size is small and the population standard deviation is unknown.

Standard Deviation

A measure that quantifies the variance or dispersion of a set of data points from their mean; indicating how spread out the data points are.