(I a Table Showing the Number of Observations That Have

question 3

Multiple Choice

(i. A table showing the number of observations that have been grouped into each of several classes
Is called a frequency distribution.
(ii. When classes in a frequency table are constructed so that data will fit into only one category, it is
Called mutually exclusive.
(iii) The suggested class interval based on number of observations given the data ranges from 100
To 200 with 50 observations is 20

• A) (i), (ii) and (iii) are all correct statements.
• B) (i), (ii) and (iii) are all false statements.
• C) (i) and, (iii) are correct statements but not (ii).
• D) (ii) and (iii) are correct statements but not (i).

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Definitions:

Demand Increases

A situation where consumers are willing and able to purchase more of a product or service at the same price, shifting the demand curve to the right.

Supply Decreases

This term describes a situation in which the quantity of a good or service that producers are willing and able to offer for sale at various prices diminishes.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, resulting in market balance.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the market equilibrium price.