A Continuous Random Variable May Assume

question 12

Multiple Choice

A continuous random variable may assume

• A)any value in an interval or collection of intervals
• B)only integer values in an interval or collection of intervals
• C)only fractional values in an interval or collection of intervals
• D)only the positive integer values in an interval

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Definitions:

Substitutes

Goods or services that can be used in place of each other; when the price of one goes up, the demand for the other can increase.

Elastic Demands

A market situation where the quantity demanded of a good or service significantly changes in response to a change in price.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price within a specified time period.

Substitutes

Products or services that can serve as replacements for each other, satisfying the same customer need or want.