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:

Marginal Products

The additional output produced as a result of adding one more unit of a specific input, while holding other inputs constant.

Isoquants

Curves that represent combinations of inputs that yield the same output, used in the analysis of production technology.

Output Level

The total product units produced within a given time frame in a production process or economic system.

Origin

The point or place where something begins, arises, or is derived.