Multiple Choice
An electric utility announced an increase in rates for residential customers. The announcement contained a statement saying that customers could conserve their energy usage and likely would not see any increase in their total monthly electric bill. What is the implication of this statement?
A) That the demand for electricity is perfectly elastic.
B) That the demand for electricity is elastic within the range of the rate increase.
C) That the demand for electricity is inelastic within the range of the rate increase.
D) That the demand for electricity is unit-elastic within the range of the rate increase.
Correct Answer:
Verified
Correct Answer:
Verified
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