If the Cost of Producing a Good Rises for Sellers

question 206

Multiple Choice

If the cost of producing a good rises for sellers, then how will this affect the market equilibrium for that good?

• A) ​Price will rise and quantity will fall.
• B) ​Price will fall and quantity will rise.
• C) ​Price and quantity will both rise.
• D) ​Price and quantity will both fall.

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Definitions:

Sample Size

Sample Size refers to the number of observations or individuals included in a sample taken from a population for statistical analysis.

Random Number

A number chosen from a set with equal probability of selection, typically used in simulations and statistical sampling.

Population Proportion

The ratio of members in a specified subset to the total members of a population, often expressed as a percentage.

Sample Proportion

The fraction of the sample that represents a particular outcome or characteristic.