The Waiting Time at a Bus Stop in Minutes

question 18

Multiple Choice

The waiting time at a bus stop in minutes

• A)Categorical
• B)Quantitative

---

Definitions:

Luxury Good

A good for which demand increases more than proportionally as income rises, often perceived as status symbols.

Economic Downturn

a period of poor economic performance across a country or globally, characterized by reduced consumer spending, business investment, and employment.

Inferior Good

A type of good for which demand decreases as the income of consumers increases.

Perfect Substitutes

Identical products.