Examlex
You are reading a study which randomly selected and enrolled every 60th prisoner from a population of 300,000 prisoners. You know this is an example of what type of sampling methodology?
Perfectly Inelastic
A situation in demand where the quantity demanded does not change regardless of the price level.
Equilibrium Price
The price at which the quantity of a good or service demanded equals the quantity supplied, clearing the market.
Coefficient
A numerical or constant factor in a mathematical expression that multiplies the variable it is associated with.
Price Elasticity
The measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating the sensitivity of demand to price changes.
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