One Rule That Must Always Be Followed in Constructing Frequency

question 45

True/False

One rule that must always be followed in constructing frequency distributions is that the adjacent classes must overlap.

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Definitions:

Price Elasticity

A measure of the responsiveness of the quantity demanded or supplied of a good to a change in its price, indicating how changes in price affect consumer demand or supply levels.

Linear Demand Curve

Represents a straight-line graph which shows the inverse relationship between the price of an item and the quantity demanded, assuming other factors remain constant.

Price Elasticity

An assessment of the responsiveness of the quantity demanded to price changes of a good.

Marginal Revenue

The additional revenue gained from selling one more unit of a good or service.