A Survey Reports Consumers' Preferred Hair Colour

question 23

Multiple Choice

A survey reports consumers' preferred hair colour. What type of data is this called?

• A) Attribute or Qualitative
• B) Continuous
• C) Discrete
• D) Quantitative

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Definitions:

Competitive Price

The market price at which goods are sold in a perfectly competitive market, where no single buyer or seller can influence the price.

Fixed-Coefficient Technology

A production process where input ratios are constant and cannot be substituted for one another in the production process.

Demand Function

A mathematical relationship that describes how the quantity demanded of a good or service varies with changes in its price, and possibly other factors.

Horizontal Labor Supply Curve

A graphical representation suggesting that a worker's willingness to work does not change regardless of wage increases over a certain range.