State Whether There Is One Way for the Given Observation

question 62

Multiple Choice

state whether there is one way for the given observation to occur (outcome) or more than one way for the given observation to occur (in which case it is an event) .
-Rolling a 4 with a fair die

• A) Outcome
• B) Event

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Definitions:

Price-Elastic

Describes a situation in which the demand or supply for a good or service responds significantly to a change in price.

Price-Inelastic

Describing a situation where the demand for a good is insensitively responsive to changes in its price, usually due to the lack of close substitutes.

Complementary Goods

Goods or services that are used together, where the consumption or use of one increases the value or demand of the other.

Cross-Price Elasticity

A measure of how the quantity demanded of one good responds to a change in the price of another good.