Use the Figure Below to Answer the Following Question(s)

question 404

Multiple Choice

Use the figure below to answer the following question(s) .
Figure 3-9
-Given the demand (D) and supply (S) for gasoline in Figure 3-9, if the price of gasoline were $3 per gallon,

• A) consumers would wish to purchase more than was being supplied.
• B) producers would be supplying more than consumers wished to purchase.
• C) the quantity consumers wished to purchase would equal the quantity that producers wished to supply.
• D) there would be a tendency for the price of gasoline to rise.

---

Definitions:

SSR

Sum of Squared due to Regression, indicates the proportion of variance in the dependent variable that is predictable from the independent variable(s).

SSE

Sum of Squared Errors, a measure used in statistics to quantify the difference between observed and predicted values.

Test Statistic F

A ratio of variances used in the context of an F-test in statistical analysis, to compare the variances of two samples or treatments.

SSR

Sum of Squares for Regression, a statistical measurement that represents the variation explained by the independent variables in a regression model.