The Demand for Hubba Bubba Bubble Gum Is Likely

question 155

Multiple Choice

The demand for Hubba Bubba bubble gum is likely

• A) elastic because gum is expensive relative to other snacks.
• B) elastic because there are many close substitutes for Hubba Bubba.
• C) elastic because bubble gum is regarded as a necessity by many people.
• D) inelastic because it is consumed quickly, making the relevant time horizon short.

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Definitions:

Mean

The average value of a set of numbers, calculated by dividing the sum of all the values by the number of values.

Mode

The most common number found within a given collection of data.

Frequency Distributions

A summary of data showing the number of observations in each of several non-overlapping categories or bins.

Numerical Data

Information that is quantifiable and can be assigned numerical values, used in statistical analysis.