Demand Is Said to Be Unit Elastic If Quantity Demanded

question 255

Multiple Choice

Demand is said to be unit elastic if quantity demanded

• A)changes by the same percent as the price.
• B)changes by a larger percent than the price.
• C)changes by a smaller percent than the price.
• D)does not respond to a change in price.

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Definitions:

P-chart

A type of control chart used in statistical process control to monitor the proportion of defective items in a process and identify variations.

Constant Sample Size

A methodological strategy where the number of observations or data points in a study or experiment does not change.

R-chart

An R-chart is a type of control chart used in statistical process control to monitor the range of the process variation, helping businesses ensure product quality.

Control Limits

These are thresholds set in statistical process control that indicate the bounds of acceptable performance, identifying when a process is out of control.