If a Sportscaster Makes an Educated Guess as to How

question 153

Multiple Choice

If a sportscaster makes an educated guess as to how well a team will do this season, he is using what type of probability?

• A) empirical probability
• B) classical probability
• C) subjective probability
• D) conditional probability

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Definitions:

Price Inelastic

Describes a situation where the demand for a good is not very responsive to price changes, meaning consumers buy roughly the same amount regardless of price fluctuations.

Necessity

An essential good or service required for basic survival or societal functioning.

Elastic Demand

describes a market situation where the demand for a product significantly changes in response to changes in its price.

Inelastic Demand

A situation where the quantity demanded of a good or service changes little when its price changes.