If a Portion of People from a Population Are Asked

question 11

Multiple Choice

If a portion of people from a population are asked to complete an assessment,then the average score among that group of people would be considered a

• A) sample mean.
• B) population mean.
• C) median split.
• D) modal mean.

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Definitions:

Substitute Good

A product or service that can be used in place of another to satisfy similar needs or demands.

Market Power

The ability of a company or group of companies to control prices and total market output in an industry or sector.

Elastic Demand

Describes a market scenario where the demand for a product significantly changes in response to changes in the price of that product.

Less Elastic

Less elastic refers to a demand or supply that is relatively unresponsive to changes in price compared to a perfectly elastic curve.