If a Change in the Price of a Good Results

question 43

Multiple Choice

If a change in the price of a good results in no change in total revenue,then

• A)the demand for the good must be elastic.
• B)the demand for the good must be inelastic.
• C)the demand for the good must be unit elastic.
• D)buyers must not respond very much to a change in price.

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Definitions:

Transforming R

The process of converting correlation coefficients to a different scale or measure to facilitate analysis or interpretation.

F-ratio

F-ratio is a statistic used in ANOVA tests to compare the variance among group means to the variance within groups, indicating whether any of the group means are significantly different from each other.

Multiple Correlation

A statistical measure that assesses the strength of the relationship between a dependent variable and two or more independent variables collectively.

Regression Equation

A mathematical formula used to predict a dependent variable based on one or more independent variables.