Price Changes Have Little Impact on the Quantity Demanded Of

question 39

Multiple Choice

Price changes have little impact on the quantity demanded of:

• A) substitute goods.
• B) inferior goods.
• C) normal goods.
• D) necessities.

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Definitions:

Sample Space

The set of all possible outcomes of a statistical experiment.

Outcome

The result or final product of an event, process, or action.

An Event

In probability and statistics, an outcome or a set of outcomes from an experiment or situation.

Probabilities

The measure of the likelihood that an event will occur, often expressed as a number between 0 and 1.