In Agriculture,a "Bumper Crop" Refers to a Particularly Productive Harvest

question 159

Multiple Choice

In agriculture,a "bumper crop" refers to a particularly productive harvest.If there is a bumper crop for wheat at the same time that more people become allergic to wheat and all else is held constant,what will happen to the equilibrium price and quantity for wheat?

• A) The equilibrium price will go up and equilibrium quantity will go up.
• B) The equilibrium price will be indeterminate and equilibrium quantity will go up.
• C) The equilibrium price will go down and equilibrium quantity will be indeterminate.
• D) The equilibrium price will go up and equilibrium quantity will be indeterminate.
• E) The equilibrium price will be indeterminate and equilibrium quantity will go down.

---

Definitions:

Null Hypothesis

A hypothesis in statistical inference and hypothesis testing that suggests no significant effect or relationship exists in the data.

Critical Value

A threshold value in hypothesis testing, beyond which we reject the null hypothesis in favor of the alternative hypothesis.

P-Value

A measure in statistical hypothesis testing that helps in determining the significance of the results.

Null Hypothesis

The hypothesis that there is no effect or no difference, serving as the default assumption in hypothesis testing.