Which Statistical Phenomenon Refers to the Tendency for Extraordinary or Unusual

question 66

Multiple Choice

Which statistical phenomenon refers to the tendency for extraordinary or unusual events to be followed by more ordinary events?

• A) the standard deviation
• B) the normal curve
• C) regression toward the mean
• D) illusory correlation

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price.

Own Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that same good, reflecting consumers' sensitivity to price changes.

First Law of Demand

The principle that there is an inverse relationship between the price of a good and the quantity demanded, all else being equal.

Quantity Demanded

The amount of a product that consumers are willing and able to purchase at a given price.