If the Goal of an Analysis Is to Group Respondents

question 55

True/False

If the goal of an analysis is to group respondents into mutually exclusive and collectively exhaustive subgroups,the preferred procedure would be cluster analysis.

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Definitions:

Price-sensitive

Refers to the degree to which the demand for a product or service is affected by changes in its price.

Unitary-elastic

A demand or supply situation where the percentage change in quantity demanded or supplied is exactly equal to the percentage change in price.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good consumers are willing and able to purchase at various prices.

Profit

The financial gain made by a business when revenue exceeds expenses.