________ Data Describe Numeric Aspects of Phenomena;whereas ________ Data Describe

question 38

Multiple Choice

________ data describe numeric aspects of phenomena;whereas ________ data describe nonnumeric aspects of data.

• A)quantitative;qualitative
• B)qualitative;quantitative
• C)continuous;discrete
• D)discrete;continuous

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Definitions:

Product Variety

The assortment of different goods or services offered by a firm or market to cater to diverse consumer preferences.

Monopolistically Competitive

A marketplace configuration in which a wide variety of firms supply products that are analogous but not identical, thereby granting them a modicum of market influence.

Elastic

A characteristic of goods where their demand or supply changes significantly when the price changes.

Monopolistic Competitor

A market structure where many firms offer products or services that are similar but not perfect substitutes, allowing for some degree of market power.