Question

QUESTIONS Why does electricity have low-elasticity when you compare the price to the quantity? It is easily replaceable with any other product It cannot be substituted with any other product Due to increased penetration of wind energy in the grid Due to high reduction in prices with increased quantity of available energy QUESTIONS Electric Reliability Council of Texas (ERCOT) owns the wind farms and electrical grid in Texas. True False QUESTION 10 What is the market-clearing price? Price at which the lowest cost generation sells its energy generation Price at which all infra-marginal producers sell their energy generation Price at which all extra-marginal producers sell their energy generation Price at which only the marginal unit sells its energy generation

Answer 1

Question 8 ::

Answer :: Due to high reduction in prices with increased quantity of available energy

Question 9 ::

Answer :: TRUE

Question 10 ::

Answer :: Price at which the marginal unit sells its energy production

(or) In other way , the supply of whatever is traded is equated to the demand, so that there is no leftover supply or demand.