When Supply Is Fixed or the Product Is Unique, Then

question 63

Multiple Choice

When supply is fixed or the product is unique, then price is

• A) supply determined.
• B) demand determined.
• C) government determined.
• D) indeterminate.

---

Definitions:

Level of Significance

A threshold in hypothesis testing, below which the null hypothesis is rejected, commonly set at values like 0.05 or 0.01.

Critical Value

A critical value is a point on the scale of the test statistic beyond which we reject the null hypothesis, used in significance testing.

Null Hypothesis

A statement used in statistics that suggests there is no effect or no difference, and any observed variance is due to chance.

Alpha

In statistics, alpha represents the significance level, the probability of rejecting the null hypothesis when it is actually true, often set at 0.05.