Which of the Following Statements Is Not True

question 145

Multiple Choice

Which of the following statements is not true?

• A) Price elasticity of demand for basic foods is low.
• B) When price elasticity of demand is very high, we say there is brand loyalty.
• C) The availability and price of substitutes affect the elasticity of demand for a good or service.
• D) When goods have very low prices, the elasticity of demand is usually quite low.

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Definitions:

Descriptive Statistics

Statistical methods that summarize and describe the features of a dataset through measures such as mean, median, and mode.

Population

The entire group of individuals or instances about whom the data is collected for a statistical study.

Elements

Basic or essential components, substances, or constituents of a complex form.

Interest

The cost of using money over a period, expressed as a percentage rate.