For a Given Increase in Supply, the Condition of Demand

question 74

Multiple Choice

For a given increase in supply, the condition of demand that will result in no change in quantity is when demand is

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

---

Definitions:

Confidence Interval

A selection of values, garnered from statistical analysis of samples, presumed to contain the value of a cryptic population parameter.

Bootstrap Method

A statistical method that involves repeatedly sampling with replacement from a data set to estimate the sampling distribution and compute statistical accuracies.

Standard Deviation

A measure of the amount of variation or dispersion in a set of values, indicating how much the individual values differ from the mean of the values.

Resamples

The action of taking multiple sample sets from the original data, often used in bootstrap methods and other resampling techniques in statistics.