The Range of the Set of Numbers {4, 13, 3

question 87

Multiple Choice

The range of the set of numbers {4, 13, 3, 10, 5} is

• A) 3
• B) 13
• C) 8
• D) 10

---

Definitions:

Perfectly Elastic

Describes a situation where the quantity demanded or supplied of a product responds infinitely to even the smallest change in price.

Inelastic

Refers to a situation where the demand or supply of a good or service is relatively unresponsive to changes in price.

Price Effect

The impact on consumer demand and supply of goods caused by changes in the price of a product or service.

Quantity Effect

The impact on the total quantity bought or sold in a market as a result of changes in price.