Inferential Statistics _____

question 63

Multiple Choice

Inferential statistics _____.

• A)are used to generally describe the data
• B)are used to make conclusions about the data
• C)focus mainly on scales of measurement
• D)focus mainly on standard deviations

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Definitions:

Consumer Surplus

The disparity between what consumers are prepared and capable of paying for a product or service versus what they actually end up paying.

Total Expenditure

The sum amount of money spent by consumers to purchase a certain quantity of goods or services.

Point Price Elasticity

A measure of how responsive the quantity demanded of a good is to a change in its price at a specific point on the demand curve.

Artichokes

A variety of thistle cultivated for its edible flower buds.