If We Observe an Increase in the Equilibrium Quantity of Good

question 33

Multiple Choice

If we observe an increase in the equilibrium quantity of good A,we know that

• A)either the demand for A has increased or the supply of A has decreased or both.
• B)either the demand for A has increased or the supply of A has increased or both.
• C)either the demand for A has decreased or the supply of A has increased or both.
• D)either the demand for A has decreased or the supply of A has decreased or both.
• E)none of the above.

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Definitions:

Bias

A systematic error or deviation from the truth in results or inferences, which can occur in the collection, analysis, interpretation, or review of data.

Resamples

The process of drawing repeated samples from a set of data with the aim of estimating a population parameter.

Bootstrap Estimate

A method of statistical inference where sampling distributions of statistics are estimated by sampling with replacement from the original dataset.

Trimmed Mean

A method of averaging that involves removing a specified percentage of the smallest and largest values before calculating the mean.