Demand Tends to Be ________ in the Short Run Than

question 69

Multiple Choice

Demand tends to be ________ in the short run than in the long run.

• A)more elastic
• B)less elastic
• C)more variable
• D)less important

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Definitions:

Squared Deviation

A statistical measure showing the dispersion of data points. It represents the square of the difference between an observed value and the mean of the dataset.

Mean

The mathematical average of a set of numbers, calculated by adding them together and dividing by the number of terms.

Median

A statistical measure representing the middle value in a set of data when arranged in numerical order, effectively dividing the dataset into two halves.

Central Tendency

Central tendency refers to a statistical measure that identifies a single value as representative of an entire distribution of data, typically through the mean, median, or mode.