If the Market Price Is Below the Equilibrium Price, There

question 4

True/False

If the market price is below the equilibrium price, there will be a surplus and the price will rise.

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Definitions:

Ordinal Data

Refers to a type of data which is categorized into ordered levels but the differences between the levels are not necessarily consistent or measurable.

Interval Data

A type of data that not only categorizes variables but also quantifies the differences between these categories, where the intervals between values are interpretable.

Ratio Data

A type of quantitative data that not only offers order and equal intervals between values but also has a natural zero point, enabling ratios to be calculated.

Nominal Data

Data categorized into distinct groups without any inherent order or ranking among the categories.