Secondary Data Are Data That Are Collected by an Outside

question 12

True/False

Secondary data are data that are collected by an outside agency and made available either free of charge or at a cost.

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Definitions:

Equilibrium Price

The price point in the market where the amount of products offered meets the amount of products wanted.

Demand

The level of demand for a good or service that purchasers have the desire and financial ability to acquire at varying prices over a designated period.

Supply Curve

A graph that shows the relationship between the price of a good and the quantity of the good that producers are willing to sell at various prices.

Demand Curve

A visual diagram illustrating the connection between a product's price and the amount consumers are willing to purchase.