We Would Use a Pivot Table To

question 26

Multiple Choice

We would use a pivot table to:

• A)cross-tabulate frequencies of occurrence of two variables.
• B)rotate the data around a central point.
• C)establish cause-and-effect between X and Y.
• D)display the data in a 3D scatter plot.

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Definitions:

Elastic

Describes a situation where the quantity demanded or supplied of a good or service changes significantly in response to price changes.

Inelastic Demand

Describes a situation where the demand for a product does not change significantly in response to a change in the product's price.

Barriers to Entry

Obstacles that make it difficult for new competitors to enter a market, such as high startup costs, strict regulations, or strong brand loyalty.

Lerner Indices

A measure of a firm's market power calculated by the difference between price and marginal cost relative to the price.