What Is Price Elasticity

question 10

Multiple Choice

What is price elasticity?

• A) When a range of prices is set for one product
• B) When customers are insensitive to how high or low a selling price is set
• C) When customers are sensitive to how high or low a selling price is set
• D) When products have strong branding

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Definitions:

Sample Size

The number of observations or data points that are selected from a larger population for purposes of statistical analysis; essential to the reliability of study results.

Goodness-of-Fit Test

A statistical test used to determine how well observed data fit a specific distribution.

Contingency Table

A table often used in statistics to display the frequency distribution of variables to analyze the relationship between categorical variables.

Binomial Probability Function

A statistical distribution representing the probability of obtaining a fixed number of successful outcomes in a fixed number of trials in an experiment with two possible outcomes.