Determine Whether the Underlined Value Is a Parameter or a Statistic

question 102

Multiple Choice

Determine whether the underlined value is a parameter or a statistic.
-51.7% of the residents of Idlington Garden City are female.

• A) parameter
• B) statistic

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Definitions:

Supply Shifted

A change in the quantity of a good or service that suppliers are willing and able to sell at all possible prices, typically due to factors like changes in technology or costs.

Inverse Demand Curve

A graph that shows the relationship between the price of a good and the quantity demanded, plotted with price on the vertical axis and quantity on the horizontal axis.

Equilibrium Price

The rate at which the amount of a good or service sought by consumers is equal to the amount available, achieving a state of market equilibrium.

Substitutes

Products or services that can replace or act as alternatives to another, affecting consumer choices and market dynamics.