Changes in Demand Have a Large Effect on the Price

question 43

Multiple Choice

Changes in demand have a large effect on the price of gold because the:

• A) supply of gold is relatively elastic.
• B) supply of gold is relatively inelastic.
• C) demand for gold is relatively elastic.
• D) demand for gold is relatively inelastic.

---

Definitions:

Sum of Squares

A statistical measure that quantifies the total variability within a dataset, used in various statistical methods to analyze variance.

Correlation Coefficient

A numerical measure that indicates the extent to which two variables fluctuate together.

Random Variables

A variable whose values depend on outcomes of a random phenomenon, with each outcome having a corresponding probability.

Coefficient of Determination

A measure used in statistical models to indicate the proportion of the variance in the dependent variable that is predictable from the independent variable(s).