Consider the Global Market for Some Mineral,X

question 44

Multiple Choice

Consider the global market for some mineral,X.In January,2014,the equilibrium price and quantity were P = $27 per unit and Q = 140 million units.In January,2016,the equilibrium price and quantity were P = $45 per unit and Q = 175 million units.Which of the following is the best possible explanation for this change in market equilibrium?

• A)There has been a decrease in supply of mineral X.
• B)There has been an increase in demand for mineral X.
• C)There has been an increase in supply of mineral X.
• D)There has been a decrease in demand for mineral X.
• E)There has been a simultaneous decrease in demand for,and increase in supply of,mineral X.

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Definitions:

Sampling Distribution

Distribution of likelihood for a distinct statistic, emanating from a random selection.

Examination Time

Examination time refers to the duration allocated for the completion of an examination or test.

Descriptive Measure

Statistical calculations that describe the main features of a collection of data in quantitative terms.

Sample

A subset of a population selected for measurement, observation, or questioning to provide statistical information about the population.