A Probability Value of

question 41

Multiple Choice

A probability value of .001 indicates there is chance that the difference between two means occurred by chance.

• A)1 in 10
• B)1 in 100
• C)1 in 1000
• D)1 in 10,000

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Definitions:

Consumer Surplus

The difference between the total amount consumers are willing to pay for a good or service versus the total amount they actually pay.

Total Surplus

The sum of consumer surplus and producer surplus, representing the total benefit to society from the production and consumption of goods or services.

Inferior Good

A type of good for which demand decreases as the income of the consumer increases, opposite to a normal good.

Total Surplus

The sum of consumer surplus and producer surplus in a market, representing the total net benefit to society from the production and consumption of goods and services.