One of the Most Important Determinants of a Good's Price

question 352

Multiple Choice

One of the most important determinants of a good's price elasticity of demand is

• A) the profits of suppliers.
• B) the numbers of buyers in the market.
• C) the ease with which consumers can substitute other goods for that product.
• D) the cost of producing the good.

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Definitions:

Hypothesized Population Mean

The expected value of the mean for a population, as proposed in a hypothesis, that is tested for accuracy against sample data.

T-statistic

A ratio of the departure of the estimated value of a parameter from its hypothesized value to its standard error, used in hypothesis testing.

Sample Mean

The average value of all observations in a sample.

Alternative Hypothesis

A statement that suggests there is a statistically significant relationship between two variables, contrasting the null hypothesis.