The Demand Curve for Apples Is Downward-Sloping Because

question 17

Multiple Choice

The demand curve for apples is downward-sloping because

• A)when fewer apples are produced, the money in people's apple budgets does not have to stretch as far.
• B)there must have been an apple blight, so there must be fewer apples to buy.
• C)when apple prices rise, the price of other goods must also be rising, so people cannot afford to buy as much.
• D)at higher apple prices, people will seek other, relatively cheaper alternatives, like pears, oranges, or plums.
• E)at higher prices, apples are more expensive to produce, so fewer are grown.

---

Definitions:

SSR

Sum of Squares due to Regression, an indicator of the explanatory power of the independent variables in a regression model.

SSE

Sum of Squared Errors, a measure used in statistics to quantify the deviation of the model predictions from the actual observed values.

Estimated Regression Equation

An equation derived from regression analysis used to predict the dependent variable based on one or more independent variables.

SSR

Sum of Squares due to Regression, a measure used in statistical analysis to determine the explanatory power of a regression model.