In a Data Set, the Number of Elements Will Always

question 31

Multiple Choice

In a data set, the number of elements will always be the same as the number of

• A) independent variables.
• B) observations.
• C) data points.
• D) dependent variables.

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Definitions:

Supply Curve

A graph that shows the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.

Equilibrium Price

The price at which the quantity of a product demanded by consumers equals the quantity supplied by producers, leading to a balance in the market.

Demand Schedule

A chart indicating the amount of a product or service buyers are prepared and capable of buying at different price levels.

Shortage/Surplus

A state in the marketplace where the demand for a good surpasses its supply, causing a shortage, or where the supply of a product outpaces its demand, resulting in a surplus.