Which of the Following Is FALSE Regarding Inelastic Demand?
A)Price $$\mathrm { E } _ { \mathrm { p } }$$

question 239

Multiple Choice

Which of the following is FALSE regarding inelastic demand?

• A)Price elasticity of demand is less than 1 ( \[\mathrm { E } _ { \mathrm { p } }\] < 1).
• B)If a firm raises price,total revenues will go up.
• C)Price elasticity of demand is greater than 1 ( \[\mathrm { E } _ { \mathrm { p } }\] > 1).
• D)If a firm lowers price,total revenues will fall.

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Definitions:

Inferential Statistics

A branch of statistics that allows us to infer trends about a population based on samples from that population.

Hypothesis

A proposed explanation for a phenomenon, intended to be tested through experimentation or observation.

Scientific Theory

A well-substantiated explanation of some aspect of the natural world, based on a body of facts that have been repeatedly confirmed through observation and experimentation.

Testable

Describing a hypothesis or theory that can be examined through experimentation or observation to determine its validity.