If the Supply Curve Shifts to the Left, the Result

question 15

Multiple Choice

If the supply curve shifts to the left, the result is a _____ equilibrium price and a _____ equilibrium quantity.

• A) lower; lower
• B) lower; higher
• C) higher; lower
• D) higher; higher

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Definitions:

Abnormally Distributed

Indicative of a probability distribution that does not follow a normal distribution pattern, potentially skewed or featuring heavy tails.

Un-standardized Test Statistic

A test statistic that has not been converted to a standard form, representing raw effect sizes or differences observed in data.

Standardized Test Statistic

A test statistic that has been converted into a standard form so that it can be directly compared to a distribution.

Rank Sum

A statistical measure used to compare the distributions of two or more groups by summing ranks assigned to their observations.