Identify Cases, Variables and Any Units

question 19

Multiple Choice

Identify cases, variables and any units.
-A Consumer Reports Health study on the effectiveness and safety of arthritis drugs
Collected data on possible side effects. This is what kind of variable?

• A) Quantitative
• B) Categorical
• C) Nominal
• D) Both A and C
• E) Both B and C

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Definitions:

Shortage

A condition in which the amount of a good offered for sale by producers is less than the amount demanded by buyers at the existing price. An increase in price would eliminate the shortage.

Price Ceiling

A legal maximum price that can be charged for a good or service, above which it cannot rise, often set by government.

Shortage

A market condition in which the demand for a product exceeds its supply at a particular price.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good consumers are willing and able to buy.