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Exhibit 1-4 in Many Universities, Students Evaluate Their Professors by Means of Means

question 25

Multiple Choice

Exhibit 1-4
In many universities, students evaluate their professors by means of answering a questionnaire. Assume a questionnaire is distributed to a class of 45 students. Students are asked to answer the following:
1. Sex
2. Race (African descent, Caucasian, Other)
3. Age
4. Number of hours completed
5. Grade point average
6. My instructor is a very effective teacher
-Refer to Exhibit 1-4. How many elements are in the above data set?

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Definitions:

Quantity Demanded

The complete volume of a good or service that consumers are ready and financially capable to acquire at a particular price point.

Equilibrium Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded in a market, leading to market stability.

Buyers

Individuals or entities that acquire goods or services in exchange for money, playing a crucial role in the dynamics of supply and demand in markets.

Sellers

Individuals or entities that offer goods or services for sale to consumers or other businesses.