Suppose That Supply for Some Good Increases and That Simultaneously

question 88

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

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Definitions:

Descriptive Statistics

Statistical measures that describe and summarize the main features of a collection of data without drawing conclusions about a larger population.

Histogram

A graphical representation that displays the distribution of data using bars of different heights.

Age Distribution

The frequency of different ages or age groups in a given population.

Estimate

A value calculated from sample data that is used to indicate the value of a population parameter.