Refer to the Graphs Shown

question 132

Multiple Choice

Refer to the graphs shown. Suppose the price of a good that is a substitute in both consumption and production for the good depicted in the graph falls. The expected shifts in supply and demand are shown in:

• A)a.
• B)b.
• C)c.
• D)d.

---

Definitions:

Significance Level

The probability of rejecting the null hypothesis when it is true, often denoted by alpha, and used as a threshold to interpret the p-value in hypothesis testing.

Confidence Interval

A range of values derived from sample data that is believed to contain the true population parameter with a certain level of confidence.

P-value

A statistical measure that helps in determining the significance of the results from a test, indicating the probability of observing results at least as extreme as those seen, under the assumption that the null hypothesis is true.

Chi-square Distribution

The Chi-square distribution is a probability distribution used in statistical significance tests, particularly suitable for categorical data.