Ceteris Paribus , If Consumer Tastes Change So That More

question 18

Multiple Choice

Ceteris paribus , if consumer tastes change so that more people are eating broccoli, then what will happen to the market equilibrium for cabbage, a substitute good for broccoli?

• A) Price will increase, and quantity will increase.
• B) Price will decrease, and quantity will decrease.
• C) Price will decrease, and quantity will increase.
• D) Price will increase, and quantity will decrease.

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Definitions:

T-Distribution

A statistical distribution used when estimating population parameters of a normally distributed population in situations where the sample size is small and the population standard deviation is unknown.

Degrees of Freedom

The count of separate values or amounts assignable to a statistical distribution.

Right Skewed

Describes a distribution where the tail is longer on the right side of the data's peak, indicating a greater number of high-value outliers.

Sampling Distribution

A probability distribution of a statistic obtained through a large number of samples drawn from a specific population.