-In the Figure Above,suppose the Price of a Pound of Pecans

question 237

Multiple Choice

-In the figure above,suppose the price of a pound of pecans is negatively related to the quantity of peanuts that farmers are willing to supply.If the price of pecans increases,

• A) the curve will shift rightward.
• B) the curve will shift leftward.
• C) there is a movement along the curve.
• D) the curve will be unaffected.
• E) None of the above answers is correct because the graph assumes that the price of pecans does not change.

---

Definitions:

Continuous Data

Data with incremental values between the minimum and maximum. For example, age can have values of years, months, weeks, days, hours, minutes, or seconds.

Frequencies

The counts or occurrences of specific events or characteristics in a set of data.

Central Tendency

A statistical measure that identifies a single value as representative of the middle of a dataset, commonly by using the mean, median, or mode.

Variance

A measure of the distribution of data points in a data set around the mean, indicating how spread out the data points are.