A Consumer Product Company Is Analyzing Data Collected and Published

question 283

Multiple Choice

A consumer product company is analyzing data collected and published by trade associations and general business magazines. What is this data best referred to as?

• A) internal and primary data
• B) external and private data
• C) internal and secondary data
• D) external and public data

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Definitions:

Relative Change

The measure of change in a variable relative to its initial value, often expressed as a percentage.

Inelastic

Describes a situation where the quantity demanded or supplied of a good or service changes by a relatively small amount in response to changes in its price.

Quantity Demanded

The amount of a product or service consumers are willing and able to buy at a given price over a specified period of time.

Unit Elasticity

Demand or supply for which the elasticity coefficient is equal to 1; means that the percentage change in the quantity demanded or quantity supplied is equal to the percentage change in price.