Exhibit 8-1 -Refer to Exhibit 8-2.Based on the Given Change,what Word (Rises

question 53

Multiple Choice

Exhibit 8-1
-Refer to Exhibit 8-2.Based on the given change,what word (rises or falls) should go in blank (11) and blank (12) ,respectively,to summarize the resulting impact on short run equilibrium?

• A)rises;rises
• B)falls;falls
• C)rises;falls
• D)falls;rises

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Definitions:

Chance Variation

Variations in observations or data that result from random effects or events that cannot be controlled or predicted.

Sample Mean

The average value of a sample set of numbers, calculated by adding all the values and dividing by the number of values.

Control Limits

The boundaries in a control chart beyond which points indicate a statistical process is out of control.

Standard Errors

Measures of the statistical accuracy of an estimate, indicating the variability of an estimate from sample to sample.