Suppose a Researcher Is Interested in How Fast a Person

question 25

Multiple Choice

Suppose a researcher is interested in how fast a person can identify the names on a list of objects.In this situation,the variable of speed is

• A)quantitative,discrete,and interval
• B)qualitative,continuous,and nominal
• C)quantitative,continuous,and ratio
• D)quantitative,discrete,and ordinal

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Definitions:

Perfectly Elastic

A market condition where demand or supply responds infinitely at a particular price level and zero elsewhere.

Elastic

Describes a situation where the demand for a good or service significantly changes in response to price changes, indicating sensitivity to price.

Midpoint Method

is a technique in economics used to calculate the elasticity of demand or supply, providing a more accurate measure by averaging the starting and ending points.

Elasticity of Demand

A measure of how sensitive the demand for a good or service is to changes in its price.