The Price Elasticity of Demand for a Vertical Demand Curve

question 2

Multiple Choice

The price elasticity of demand for a vertical demand curve is:

• A)0.
• B)-1.
• C)1.
• D)- infinity.

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Definitions:

Type II Error

A statistical term referring to the error that occurs when a false null hypothesis fails to be rejected.

Null Hypothesis

A statement that assumes no effect or no difference in a statistical hypothesis test.

Intervention Group

The group in an experimental study that receives the treatment or intervention being tested, as opposed to a control group.

Study Group

A collection of individuals brought together to participate in a research study or to collectively study a particular subject.