Shifts in Both the Supply of and the Demand for Oil

question 94

True/False

Shifts in both the supply of and the demand for oil can explain the observation of an increase in gasoline prices.

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Definitions:

Sampling Distribution

A probability distribution of a statistic obtained through a large number of samples drawn from a specific population.

Nearly Normal Condition

A term used in statistics to describe a distribution that is close to, but not perfectly, a normal distribution.

Nearly Normal Condition

A prerequisite for certain statistical tests that the distribution of the data should be approximately normal.

Standard Deviation

A metric that calculates the degree of spread or scattering within a data set.