As a Rule,a Value Is Considered an Extreme Value If

question 115

True/False

As a rule,a value is considered an extreme value if its Z score is greater than -3.

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Definitions:

Equilibrium Price

The price at which the quantity of goods suppliers are willing to sell equals the quantity consumers are willing to buy, also known as the market-clearing price.

Quantity Supplied

The quantity of a product or service that suppliers are ready and capable of offering for sale at a specific price point.

Quantity Demanded

The total number of units of a good or service that consumers are willing and able to purchase at a given price in a given time period.

Increase in Demand

A situation in which more of a product or service is desired, leading to a shift of the demand curve to the right.