When the Price of a Good Is Below the Equilibrium

question 3

True/False

When the price of a good is below the equilibrium price, it causes a surplus.

---

Definitions:

Mean Number

The average value of a set of numbers, calculated by dividing the sum of all numbers by the quantity of numbers.

Batches

In manufacturing and computing, batches refer to groups of items or data processed or produced at one time, often for efficiency and tracking purposes.

Defect Rate

The frequency at which defects, flaws, or errors occur in a product, process, or system, usually expressed as a ratio or percentage of the total output.

Standard Deviation

A metric that gauges the extent of spread or scatter around the mean within a group of numbers, illustrating the distance of the values from their central point.