Which of the Following Is a Determinant of the Price

question 129

Multiple Choice

Which of the following is a determinant of the price elasticity of demand for an item?

• A) the availability of a close substitute for the item
• B) the percentage of a consumers budget allocated to expenditures on the item
• C) the amount of time available to adjust to a change in the price of the item
• D) All of the above are correct.

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Definitions:

Stemplots

A graphical representation of data that shows numerical frequencies using stems and leafs to display the distribution of a dataset.

Quantitative Variables

These are variables that represent numerical data which can be quantified or counted, allowing for mathematical operations to be performed on them.

Stemplots

A graphical method of displaying quantitative data, typically used to show the distribution of smaller datasets.

Histograms

Histograms are graphical representations of the distribution of numerical data, where the data is divided into bins or intervals, and the frequency of data points in each bin is depicted by the height of the bar.