In the Above Graph, Q_S and Q_D Represent the Supply

question 14

Multiple Choice

In the above graph, Q_S and Q_D represent the supply and the demand curves respectively in the market for train tickets. Refer to the graph to answer the question.
Suppose price of a ticket is reduced to £15. Which of the following is likely to happen?

• A) The supply curve will become less inelastic as the price falls.
• B) The number of tickets sold will be equal to 250.
• C) The demand curve will become vertical.
• D) The buyers in the market will face a shortage of 50 tickets.

Interpret the results of hypothesis tests in context, including understanding the difference between statistical significance and practical significance.

Develop critical thinking skills in evaluating the reliability and validity of statistical conclusions.

Identify the correct hypothesis test to use based on the type of data and the research question.

Understand the concept of statistical power and its importance in hypothesis testing.

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