In the Real World, Demand Is Not Likely to Be

question 154

Multiple Choice

In the real world, demand is not likely to be perfectly inelastic at every price because

• A)no substitutes exist for some goods
• B)some consumers will be unable to afford very high prices with given incomes
• C)at low prices, consumers always want a lot
• D)consumers are willing to pay any price for certain goods
• E)the prices of certain goods don't change

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Definitions:

External Validity

Relates to whether an experiment has in fact captured the external world that the researcher is investigating.

Attrition

The loss of participants during the course of a study, which can impact the study's outcomes and generalizability.

Nonprobability Sampling

Sampling based on a judgment by the researcher.

Random Assignment

A method in research design that allocates participants to different groups purely based on chance, ensuring that each participant has an equal opportunity to be assigned to any given group.