This Law, Also Known as the First-Digit Law, Was Named

question 52

Multiple Choice

This law, also known as the first-digit law, was named after a physicist who discovered a specific but non-uniform pattern in the frequency of digits occurring as the first number in a list of numbers:

• A)Number-Up Law
• B)Benford's Law
• C)Adams' Digit Law
• D)Jackson First-Digit Law

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Definitions:

Price Takers

Firms or individuals in a market who accept the prevailing prices and whose actions have no effect on said prices due to their small market share.

Kinked Demand

A demand curve that has a distinct bend or kink, typically resulting from an oligopolistic market structure where firms face different elasticities for price increases versus price decreases.

Oligopoly Model

A market structure characterized by a small number of large firms that dominate the market, leading to limited competition and potentially collusive behavior.

Price Rigidity

The situation in which prices of goods and services do not adjust immediately to changes in supply and demand, often due to agreements, regulations, or market conditions.