Shaina and Mariah have a business that provides personal fitness training services. They know that after raising their prices from $50 to $75 per hour, the quantity of hours they spent delivering training services fell from 90 to 80 hours per week. The demand for their services is:
a. inelastic, with a price elasticity coefficient greater than one.
b. inelastic, with a price elasticity coefficient less than one.
c. elastic, with a price elasticity coefficient greater than one.
d. elastic, with a price elasticity coefficient less than one.
b
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Indicate whether the statement is true or false
In the natural gas industry, recent technological improvements and the use of fracking have
a. increased the demand for natural gas, causing its price to rise. b. increased the supply of natural gas, causing its price to decline. c. reduced the demand for natural gas even though the proved reserves of the resource have fallen. d. resulted in sharply higher natural gas prices because of the dangers that accompany fracking.