When the Level of Confidence Increases, the Confidence Interval _____

question 83

Multiple Choice

When the level of confidence increases, the confidence interval _____.

• A) stays the same
• B) becomes wider
• C) becomes narrower
• D) cannot be determined from the information given

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Definitions:

Surplus

An amount of something left over when requirements have been met; in economic terms, this can refer to excess supply over demand in a market, leading to lower prices.

Shortage

A condition where there's more market demand for a product or service than what is supplied.

Equilibrium Price

The rate at which the volume of goods available meets the volume of goods sought.

Surpluses

The amount by which supply exceeds demand, often referring to goods, services or public finances.