A Histogram Is Most Commonly Used to Analyze Which of the Following

question 115

Multiple Choice

A histogram is most commonly used to analyze which of the following?

• A) Nominal level data
• B) Quantitative data
• C) Time-series data
• D) Ordinal data

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Definitions:

Very Elastic

Refers to a situation in which the demand or supply for a product changes significantly in response to price changes, indicating high sensitivity.

Elastic Demand Curve

A demand curve characterized by a high sensitivity of quantity demanded to changes in price, indicating that a small price change results in a large change in quantity demanded.

Heating Oil

A low viscosity, liquid petroleum product used as a fuel for furnaces or boilers in buildings.

New Automobile

A recently manufactured vehicle intended for personal transportation, featuring the latest technology and design.