Kiwi Fruit and Strawberries Are Substitutes for Consumers

question 24

Multiple Choice

Kiwi fruit and strawberries are substitutes for consumers. An increase in the price of a kiwi fruit coupled with an increase in the number of strawberry growers ________ the equilibrium price of a kilogram of strawberries and ________ the equilibrium quantity of strawberries.

• A) lowers; increases
• B) probably changes, but more information is needed to determine if it raises or lowers; increases
• C) raises; increases
• D) lowers; probably changes, but more information is needed to determine if it increases or decreases
• E) raises; probably changes, but more information is needed to determine if it increases or decreases

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Definitions:

Independent Samples

Samples that are selected from two populations in such a way that the samples are not related or do not influence each other.

One-Way Analysis Of Variance

A statistical method used to test the difference between the means of three or more independent groups on a single factor to determine if at least one group mean is statistically different.

Kruskal-Wallis Test

A non-parametric statistical test used to compare three or more independent samples to determine if they come from the same distribution.

Wilcoxon Tests

A nonparametric statistical test used to compare two paired groups to assess whether their population mean ranks differ.