If We Used a Confidence Interval to Estimate Market Potential,the

question 21

Multiple Choice

If we used a confidence interval to estimate market potential,the lower and upper values could be used to create a(n) :

• A)correct, incorrect estimate
• B)pessimistic, optimistic estimate
• C)average, median estimate
• D)likely, unlikely estimate
• E)none of the above; confidence intervals may not be used to estimate market potential

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Definitions:

Quantity Demanded

The amount of a good or service that consumers are willing and able to purchase at a given price.

Price Elasticity

An indicator of how the amount of a product that is bought or provided reacts to variations in its cost.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price in a particular period.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage.