Below Is a Graphical Representation of the Wheat Market in the Distant

question 95

Multiple Choice

Below is a graphical representation of the wheat market in the distant land of Nod.

-Refer to the graph above to answer this question.If supply was increased by 30 million bushels,what would be the new equilibrium price and quantity?

• A)$3 and 20 million bushels.
• B)$3 and 50 million bushels.
• C)$3 and 70 million bushels.
• D)$7 and 30 million bushels.
• E)$7 and 60 million bushels.

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Definitions:

Type II Error

Occurs when a statistical test fails to reject a false null hypothesis; also known as a false negative.

Level Of Significance

A threshold in hypothesis testing that determines whether or not the null hypothesis can be rejected.

Null Hypothesis

A default premise stating no statistical significance or effect, used as a starting point for hypothesis testing to be either rejected or not rejected.