In Which Statement Is the Term "Demand" Used Correctly? (1)An

question 117

Multiple Choice

In which statement is the term "demand" used correctly? (1) An increase in the price of copper will lead to a decrease in the demand for copper.(2) An increase in the price of copper will lead to an increase in the demand for aluminum (a substitute for copper) .

• A)neither statement
• B)the first statement only
• C)the second statement only
• D)both statements
• E)more information is needed

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Definitions:

Sample Sizes

Refers to the different quantities or numbers of observations collected from populations for various studies.

Standard Error

A measure of the statistical accuracy of an estimate, computed from the standard deviation of the sampling distribution of a statistic.

Infinite Population

A theoretical concept where the size of the population is limitless or indefinitely large.

Mean

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