To Select a Class Interval,compute the Range and ______ the Number

question 29

Multiple Choice

To select a class interval,compute the range and ______ the number of intervals you want to use.

• A)subtract
• B)multiply by
• C)add
• D) divide by

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Definitions:

Perfectly Inelastic

A situation in market demand or supply where the quantity demanded or supplied does not change regardless of changes in price.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, leading to a state of balance in the market.

Equilibrium Quantity

The amount of goods or services supplied that is exactly equal to the amount of goods or services demanded at a particular price level.

Demand

The total amount of a product or service that consumers are willing and able to purchase at various price levels at a given time.