Suppose That Supply for Some Good Increases and That Simultaneously

question 138

Multiple Choice

Suppose that supply for some good increases and that simultaneously the demand for the same good decreases.The result would be

• A)a decrease in P and an indeterminate change in Q.
• B)a decrease in Q and an indeterminate change in P.
• C)an increase in Q and a decrease in P.
• D)an increase in Q and an increase in P.
• E)no change in either P or Q.

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Definitions:

Scatterplot

A type of graph used in statistics to display values for typically two variables for a set of data where the dots in the plot indicate the values obtained for each individual.

Explanatory Variable

A type of independent variable that is manipulated or categorized to measure its effect on a dependent variable.

Response Variable

A variable that measures the outcome of a study, often used as the dependent variable whose changes are tested against independent variables.

Categorical Variables

Variables that can take on one of a limited and usually fixed number of possible values, representing qualitative data, such as gender or eye color.