The More Good Substitutes There Are for a Product, the More

question 141

True/False

The more good substitutes there are for a product, the more likely it is that the total revenue for the good in question would increase as a result of an increase in price.

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Definitions:

Simple Random Sample

A simple random sample of size n from a finite population of size N is a sample selected such that each possible sample of size n has the same probability of being selected.

Probability

An indicator of the probability that a particular event will take place, represented by a numerical value ranging from 0 to 1, with 0 meaning the event cannot happen and 1 meaning the event is certain to happen.

Population

Every individual or item under consideration in a statistical evaluation.

Probability Distribution

A mathematical function that provides the probabilities of occurrence of different possible outcomes in an experiment.