Which of the Following Is an Example of Cross-Sectional Data

question 70

Multiple Choice

Which of the following is an example of cross-sectional data?

• A) GDP of the United States from 1990-2010
• B) Daily price of DuPont stock during the first quarter
• C) Quarterly housing starts collected over the last 60 years
• D) Results of market research testing consumer preferences for soda

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Definitions:

Purely Competitive Industry

Refers to a market structure where many firms sell identical products, entry and exit from the market are easy, and no single buyer or seller can influence the market price.

Demand Curve

This depicts how consumer demand for a product changes as the price of that product changes, illustrating the inverse relationship between price and quantity demanded.

Perfectly Elastic

Describes a situation in which quantity demanded or supplied changes infinitely in response to any change in price, visualized as a horizontal line on a demand or supply graph.

Marginal Revenue Curve

A graphical representation showing how marginal revenue varies as the quantity of output produced changes.