Clustering Is a Technique That Divides a Large Group of People

question 141

True/False

Clustering is a technique that divides a large group of people into smaller groups, so that each small group is as diverse as the large group from which it was formed.

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Definitions:

Quantity Effect

The impact on total consumption or production that results from changing the quantity of a good or service, usually in response to a price change.

Price Inelastic

Describing a situation where the demand for a good or service is relatively unaffected by changes in its price.

Ticket Sales

The process through which individuals can purchase access to events such as concerts, movies, sports events, or performances.

Unit-elastic

A demand or supply whose price elasticity is equal to 1, indicating that the percentage change in quantity demanded or supplied is equal to the percentage change in price.