When the Number of Alaskan Fishermen Increased, Salmon Prices Fell

question 65

Multiple Choice

When the number of Alaskan fishermen increased, salmon prices fell to record lows. This could be shown graphically by a shift in the:

• A) demand curve right.
• B) supply curve left.
• C) demand curve left.
• D) supply curve right.

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Definitions:

Mean

The arithmetic average of a set of values, calculated by adding all the values together and then dividing by the number of values.

Standard Deviations

An indicator of how much the values in a collection differ from each other.

Probability Density Functions

Mathematical functions that describe the likelihood of a continuous random variable taking on a particular value.

Continuous Random Variables

Variables capable of assuming countless values within a specified range.