The Demand for a Good Increases When the Price of a Substitute

question 412

Multiple Choice

The demand for a good increases when the price of a substitute ________ and also increases when the price of a complement ________.

• A) rises; rises
• B) rises; falls
• C) falls; rises
• D) falls; falls

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Definitions:

Parameter

A value that summarizes a characteristic of a population or a statistical model.

Confidence Interval

A range of values, derived from sample statistics, that is likely to contain the value of an unknown population parameter, expressed with a certain level of confidence.

Confidence Level

A confidence level is a statistical parameter that expresses how certain one is in the results of a statistical experiment, often represented as a percentage that quantifies the probability that the true parameter lies within the confidence interval.

Population Standard Deviation

The population standard deviation is a measure of the dispersion or variation of all members in a full set or 'population' of data.