Interval Data, Such as Heights, Weights, and Incomes, Are Also

question 9

True/False

Interval data, such as heights, weights, and incomes, are also referred to as quantitative or numerical data.

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Definitions:

Removing Subsidy

The process of eliminating financial support provided by governments to businesses, individuals, or other government departments.

Equilibrium Price

The price point at which the quantity of goods demanded equals the quantity of goods supplied, without any external intervention.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, leading to market balance.

Price Gouging

Price gouging occurs when a seller increases the prices of goods, services, or commodities to a level much higher than is considered reasonable or fair, often during a demand spike caused by a crisis.