If the Money Price of Hats Rises and No Other

question 44

Multiple Choice

If the money price of hats rises and no other prices change, the
I. relative price of a hat rises.
II. opportunity cost of a hat rises.

• A) only I
• B) both I and II
• C) only II
• D) neither I nor II

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Definitions:

Interval

A range of values in statistics that describes the difference between two points, often used in the classification of scales of measurement.

Random Variable

A variable whose values depend on outcomes of a random phenomenon, with each outcome associated with a different value or set of values.

Occurrences

The instances or times that something happens or arises; the frequency of events.

Expected Value

The anticipated value or mean outcome of a variable, calculated as the sum of all possible values each multiplied by its probability of occurrence.