Reference: Ref 4-2 (Figure: Market Equilibrium) Refer to the Figure

question 21

Multiple Choice

Reference: Ref 4-2 (Figure: Market Equilibrium) Refer to the figure. At a price of $3, quantity supplied is ______ and quantity demanded is ______, leading to a _______.

• A) 6; 2; surplus of 4 units
• B) 2; 6; shortage of 8 units
• C) 2; 4; surplus of 2 units
• D) 4; 2; shortage of 2 units

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Definitions:

Hypergeometric Probability

A probability distribution used for calculating the odds of drawing a specific number of successes in a sample without replacement from a finite population.

Discrete Probability Distributions

Probability distributions that delineate the probabilities of outcomes for discrete random variables.

Hypergeometric Random Variable

A discrete random variable that represents the count of successful outcomes in a series of selections from a limited population where each selection is not returned to the pool.

Probability of Success

The likelihood that an event will occur as desired, often represented as a number between 0 and 1.