In Which of the Following Statements Are the Terms Demand

question 150

Multiple Choice

In which of the following statements are the terms demand, supply, quantity demanded, and/or quantity supplied used correctly?

• A)When the quantity demanded exceeds supply, the equilibrium price will rise.
• B)Changes in demand and supply cause changes in the equilibrium price.
• C)If the demand rises, supply rises.
• D)Oranges are cheaper in Florida; therefore, the demand is greater in Florida.
• E)Decreases in quantity demanded and quantity supplied often occur simultaneously.

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Definitions:

Level Of Significance

The threshold below which a result is considered statistically significant, often set at a rate like 5%, indicating the probability of rejecting a true null hypothesis.

Null Hypothesis

The null hypothesis is a type of hypothesis used in statistics that proposes there is no statistical significance in a set of given observations, serving as a default position until evidence suggests otherwise.

Hypotheses

Statements or predictions that can be tested through scientific research or statistical analysis to determine their validity.

Fair Die

A perfectly balanced six-sided die where each face has an equal probability of landing up when rolled.