What Is the Term for the Lower and Upper Boundaries

question 121

Multiple Choice

What is the term for the lower and upper boundaries of a confidence interval?

• A) point estimate
• B) confidence interval
• C) confidence limits
• D) interval estimate

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Definitions:

Price Floor

A government- or authority-imposed minimum price that can be charged for a good or service, intended to prevent prices from falling too low.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers matches the quantity supplied by producers, resulting in no surplus or shortage.

Market Price

The actual selling price of a good or service in the market at which it can be bought or sold.

Surplus

The amount by which quantity supplied exceeds quantity demanded, often resulting in excess goods and a decrease in prices.