Classify the Following Random Variable According to Whether It Is

question 11

Multiple Choice

Classify the following random variable according to whether it is discrete or continuous.
-the pressure of water coming out of a fire hose

• A) continuous
• B) discrete

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Definitions:

Perfectly Inelastic

A situation where the demand for a product does not change in response to a change in price.

Excise Tax

A tax levied on specific goods, services, or transactions, often based on quantity purchased rather than value, such as taxes on cigarettes, alcohol, and fuel.

Excise Tax

A tax imposed on specific goods or services at purchase such as gasoline, tobacco, and alcohol.

Highly Inelastic

Describes a situation where the demand or supply for a good or service is hardly affected when the price changes.