Classify the Following Random Variable According to Whether It Is

question 105

Multiple Choice

Classify the following random variable according to whether it is discrete or continuous. The number of goals scored in a soccer game

• A) continuous
• B) discrete

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Definitions:

Inelastic Segment

A range on the demand curve where the quantity demanded changes little when the price changes.

Price-Quantity Combination

A specific pairing of price and quantity that appears on the supply or demand curve, representing a potential market transaction.

Imperfectly Competitive

Describes markets where individual buyers or sellers have some control over the price of goods and services due to a lack of perfect competition, often resulting in market power and price distortion.

Downsloping Demand Curves

A graphical representation showing that the quantity demanded of a good or service decreases as its price increases, holding other factors constant.