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When supply decreases, the equilibrium price and the equilibrium quantity .
Sampling Distribution
The probability distribution of a given statistic based on a random sample, used to estimate the population parameter.
Normal Populations
Populations that follow a normal distribution, where the majority of data points are concentrated around the mean value.
Standard Error
A statistical term that measures the accuracy with which a sample distributes around the population mean; it is the standard deviation of the sampling distribution.
Sampling Distribution
The probability distribution of a given statistic based on a random sample, used to estimate population parameters.
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