For the Observation Described, State Whether There Is One Way

question 68

Multiple Choice

For the observation described, state whether there is one way for the given observation to occur (outcome) or more thanone way for the given observation to occur (in which case it is an event) .
-Rolling a sum of 12 with two fair dice

• A)Event
• B)Outcome

---

Definitions:

Normal Good

A good for which demand increases as the income of consumers increases.

Price Elasticity

measures how much the quantity demanded of a good responds to a change in the price of that good.

Elastic

Refers to a situation where the demand or supply for a product or service significantly changes in response to price changes.

Coefficient

In algebraic expressions, it's the numerical or fixed quantity that comes before and multiplies the variable.