Suppose That the Market for Sugar Is in Equilibrium at $10

question 41

Multiple Choice

Suppose that the market for sugar is in equilibrium at $10 per kilogram.This means that

• A) all remaining producers will require more than $10 to produce sugar.
• B) too many trades have occurred.
• C) all remaining consumers value sugar at more than $10.
• D) the benefit of the last kilogram of sugar exceeds $10.
• E) the cost of the last kilogram of sugar is less than $10.

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Definitions:

Independent Variable

The variable in an experiment or observational study that is manipulated or changed to observe its effect on a dependent variable.

Dependent Variable

A dependent variable is the outcome or response that researchers measure to determine the effect of varying the independent variable.

Correlation Coefficient

A numerical measure that quantifies the degree and direction of relationship between two variables, ranging from -1 to 1.

Independent Variable

The variable that is manipulated or changed in an experiment to test its effects on the dependent variable.