Other Things Being Equal, the Effect of an Increase in the Price

question 373

Multiple Choice

Other things being equal, the effect of an increase in the price of orange juice would be illustrated by

• A) an upward movement along the demand curve for orange juice.
• B) a leftward shift in the demand curve for orange juice.
• C) a downward movement along the demand curve for orange juice.
• D) a rightward shift in the demand curve for orange juice.

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Definitions:

T Value

A statistic used in hypothesis testing to determine if there is a significant difference between two groups.

Test Statistic

A value calculated from sample data that is used in a hypothesis test to determine whether to reject the null hypothesis.

Degrees Of Freedom

The number of independent values or quantities which can be assigned to a statistical distribution or calculation.

Null Hypothesis

A hypothesis stating there is no significant difference or effect, serving as the default assumption in hypothesis testing.