If the Quantity Demanded of a Certain Good Responds Only

question 263

Multiple Choice

If the quantity demanded of a certain good responds only slightly to a change in the price of the good,then the

• A)demand for the good is said to be elastic.
• B)demand for the good is said to be inelastic.
• C)law of demand does not apply to the good.
• D)demand curve for the good shifts only slightly in response to a change in price.

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Definitions:

Variable Sample Size

A statistical approach where the number of observations or data points collected can change or vary based on certain criteria.

Attributes Data

Data that is categorized based on qualities or characteristics that are counted as distinct attributes, often non-numeric like yes/no or pass/fail.

Control Limits

The bounds of acceptable performance in statistical process control, outside of which a process is considered out of control and corrective action is required.

R-chart

A control chart used in statistical process control to monitor the process variability based on ranges of sampled subsets.