Given the Following Supply and Demand Curves for Six-Packs of Beer

question 35

Multiple Choice

Given the following supply and demand curves for six-packs of beer, a price of $6.00 would produce:
Demand Q = 31,000 - 2000P
Supply Q = 10,000 + 1500P

• A) equilibrium.
• B) a shortage of 20,000 six-packs of beer.
• C) a surplus of 20,000 six-packs of beer.
• D) a shortage of 15,000 six-packs of beer.
• E) a surplus of 15,000 six-packs of beer.

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Definitions:

Significance Level

The probability threshold below which the null hypothesis is rejected in a statistical test, indicating the results are statistically significant.

Chi-squared Goodness-of-fit Test

A statistical test to determine if observed data matches the expected distribution of data across different categories.

Chi-squared Distribution

A statistical distribution describing the distribution of the sum of squared independent, standard normal variables, often used in hypothesis testing.

Non-negative

A term used to describe numbers that are either positive or zero, indicating values that are not less than zero.