If the Elasticity of Demand for a Service Is 1

question 48

Multiple Choice

If the elasticity of demand for a service is 1, then the demand for that service is

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

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Definitions:

Standard Deviation

A measure of the amount of variation or dispersion in a set of values, indicating the spread from the mean.

Physical Fitness

The ability of an individual to carry out daily tasks with optimal performance, endurance, and strength, due to good health and physical conditioning.

One-sample T Test

A statistical test used to compare the mean of a sample to a known value or theoretical expectation.

Normal Population

A population distribution that follows a normal (bell-shaped) curve, indicating that the mean, median, and mode are equal.