A Small Number of People That Are Used to Represent

question 65

Multiple Choice

A small number of people that are used to represent a much larger population is called a

• A)target group.
• B)sample.
• C)closed-format group.
• D)sampling frame.

---

Definitions:

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicative of the sensitivity of consumers to price changes.

Demand

The willingness and ability of consumers to purchase goods and services at different prices.

Perfectly Inelastic

A situation where the demand or supply for a good does not change in response to changes in price.

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers at various prices.