What Should Happen to the Equilibrium Price and Quantity in a Market

question 68

Multiple Choice

What should happen to the equilibrium price and quantity in a market as a result of a quota on imports?

• A)Equilibrium price and quantity should both go up.
• B)Equilibrium price should go up,and equilibrium quantity should go down.
• C)Equilibrium price should go down,and equilibrium quantity should go up.

---

Definitions:

Z

Often referred to as the Z-score, which is a statistical measure that describes a value's relationship to the mean of a group of values.

Normal Probability Distribution

A statistical function that describes all the possible values and likelihoods that a random variable can take within a given range, characterized by its bell-shaped curve, symmetric about the mean.

Standard Deviation

A statistical metric that quantifies the dispersion or variability of a dataset relative to its mean.

Mean

The average of a set of numbers, calculated by dividing the sum of the values by the number of values.