If the Price of a Good Increases by 5% and the Quantity

question 170

Multiple Choice

If the price of a good increases by 5% and the quantity demanded remains unchanged, then at that price, the good is

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

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Definitions:

Two-way Tables

A type of table used to display frequencies for two categorical variables, showing the relationship between them.

Null Hypothesis

The null hypothesis is a type of hypothesis used in statistics that suggests there is no statistical significance in a set of given observations.

Observed Counts

The actual numbers counted in each category or group in a study or experiment.

Distribution

In statistics, it refers to the way in which data points are spread or dispersed across a range of values.