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:

Perfectly Inelastic

A situation where the demand or supply for a good does not change in response to changes in price.

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers at various prices.

Price Elasticity

The estimation of demand's reaction to the alteration of a good's price.

Midpoint Formula

A method used in geometry to find the midpoint of a line segment between two points by averaging the x and y coordinates.