When the Conclusions Based Upon the Unaggregated Data Can Be

question 20

Multiple Choice

When the conclusions based upon the unaggregated data can be completely reversed if we look at the aggregated crosstabulation, the occurrence is known as

• A) ​Reverse correlation.
• B) ​Negative correlation​.
• C) ​Simpson's paradox.
• D) ​Pareto's rule.

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Definitions:

Producer Surplus

The gap between what sellers are prepared to take for a product or service and the actual amount they get.

Inelastic

This refers to a lack of sensitivity in the quantity demanded or supplied when the price changes.

Elastic

Describes a situation in economics where the demand or supply for a good or service significantly changes in response to a change in price.

Substitute Goods

Products or services that can be used in place of one another, with their demand being inversely related: as the price of one rises, the demand for the other increases.