Historical Data on Prices and Quantities Sold Do Not Provide

question 2

Multiple Choice

Historical data on prices and quantities sold do not provide the basis for drawing an accurate demand curve because

• A)reporters who gather these data are often wrong.
• B)factors other than price may change over time.
• C)they do not include measures of price close to the quantity axis.
• D)they sometimes tend to be clustered around one point.

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Definitions:

Latter Part

The final section or segment of a particular period, document, discussion, or series of events.

Legitimate

being in accordance with established legal rules and standards.

Fundamental Reformulation

A comprehensive and profound change or restructuring of a concept, theory, or system.

Results

The outcomes or consequences of an action or process.