Benford's Law

question 46

Multiple Choice

Benford's law:

• A)applies to numbers that have built-in limits.
• B)is most effectively used with assigned numbers.
• C)applies best to numbers that occur naturally.
• D)uses ratios to detect fraud.

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Definitions:

Equilibrium Position

A situation in which the supply and demand in the market are equal, leading to stable prices.

Quantity of Y

A term indicating the amount or volume of a product or commodity denoted by 'Y', often measured in units or quantities.

Downsloping Demand Curve

Illustrates the inverse relationship between the price of a good or service and the quantity demanded, indicating that demand decreases as price increases.

Budget Line

A graphical representation showing the combination of two goods that a consumer can purchase with a given budget at prevailing prices.