Scatter Plots Are

question 65

Multiple Choice

Scatter plots are:

• A)useful in visualizing trends over time.
• B)useful in identifying causal relationships.
• C)often fitted with a linear equation in Excel.
• D)applicable mainly to discrete data.

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Definitions:

Revenues Dropped

A situation in which the total income generated by a business from its activities decreases compared to a previous period.

Price Elasticity of Demand

A study of how price developments influence the demand proportions for a commodity.

Income Elasticity of Demand

An indicator of the variation in demand for a product or service resulting from alterations in buyers' income levels.

Perfectly Inelastic

A situation in demand where the quantity demanded does not change in response to a change in price.