A Continuous Variable Is One That

question 46

Multiple Choice

A continuous variable is one that

• A) can take on any value between two specified limits.
• B) we cannot estimate.
• C) can take on a limited number of possible values.
• D) can take on any value between - ∞ and + ∞ .

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Definitions:

Monopoly Profit

The excess earnings that a firm can achieve when it is the sole provider of a product or service with no close substitutes, due to its market power.

Contrived Scarcity

An artificial limitation of supply to increase prices, often practiced by monopolies or through regulatory constraints.

Usury Law

Usury laws are regulations governing the amount of interest that can be charged on a loan, intended to protect consumers from excessive and unreasonable interest rates.

Interest Rate

The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.