For a Multinomial Experiment,which of the Following Is Not True

question 43

Multiple Choice

For a multinomial experiment,which of the following is not true?

• A)The number of categories is at least two,
• B)The trials are dependent
• C)The sum of the category probabilities is 1,
• D)The category probabilities are the same for each trial

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Definitions:

Price Elasticity of Supply

Price elasticity of supply measures how the quantity supplied of a good changes in response to a change in its price.

Income Elasticity of Demand

A measure of how much the quantity demanded of a good changes in response to a change in consumers' income.

Midpoint Method

A technique used in economics to calculate the percentage change in quantity demanded or supplied between two points on a curve, providing an average elasticity for that range.

Cross-Price Elasticity of Demand

A measurement of how the quantity demanded of one good responds to a change in the price of another good, indicating whether they are substitutes or complements.