If the Demand for Golf Is Price Inelastic and Your

question 112

Multiple Choice

If the demand for golf is price inelastic and your local public golf course increases the greens fees for using the course, you would expect:

• A) a decrease in total revenue received by the course.
• B) an increase in total revenue received by the course.
• C) an increase in the amount of golf played on the course.
• D) no change in the amount of golf played on the course.

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Definitions:

One-way ANOVA

A statistical test that compares the means of three or more independent groups to determine if there is a significant difference among them based on one independent variable.

Midwest

A geographical region in the United States that is generally considered to include the north-central states.

Alternative Hypothesis

The hypothesis that proposes a significant difference or relationship between variables, opposite to the null hypothesis.

One-way ANOVA

A statistical test used to compare the means of three or more independent groups to see if there is a significant difference between them.