Assume That the Supply Curve for a Commodity Shifts to the Left

question 28

Multiple Choice

Assume that the supply curve for a commodity shifts to the left and the demand curve shifts to the right,and the shift in demand is greater than the shift in supply.Then in comparison to the initial equilibrium,the new equilibrium will be characterized by a ________.

• A) lower price and quantity
• B) higher price and quantity
• C) higher price and a lower quantity
• D) lower price and a higher quantity

Interpret the results and implications of non-parametric hypothesis testing.

Apply the normal approximation for large sample sizes in non-parametric tests.

Identify the conditions under which the Kruskal-Wallis test is appropriate for comparing more than two independent samples.

Understand how to rank data and deal with ties in non-parametric tests.