At Any Price Higher Than the Equilibrium Price, A________ in Quantity

question 33

Multiple Choice

At any price higher than the equilibrium price, a________ in quantity will be created and at any price lower than the equilibrium price, a________ _ in quantity will be created.

• A)shortage; surplus
• B)surplus; shortage
• C)surplus; surplus
• D)shortage; shortage

---

Definitions:

Normal Distribution

A probability distribution that is symmetrical around the mean, showing that data near the mean are more frequent in occurrence than data far from the mean.

Degrees of Freedom

The number of independent values or quantities that can vary in the analysis of statistical data, crucial for assessing the reliability of various statistics.

Unbiased Estimator

An unbiased estimator is a statistical term for an estimate that is expected to be equal to the true parameter of the population.

Population Parameter

A numerical value that summarizes or describes an aspect of a population, such as its mean or standard deviation.