If the Supply of a Good Decreased, What Would Be

question 167

Multiple Choice

If the supply of a good decreased, what would be the effect on the equilibrium price and quantity?

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

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Definitions:

Mean

The average value obtained by dividing the sum of all values in a set by the number of values.

Population Standard Error

A measure that estimates the standard deviation of the sampling distribution of a statistic for a population.

Confidence Interval

A set of values generated from the study of a sample, anticipated to include the parameter of an unobserved population.

Mean

The average of a set of numbers, calculated by adding them together and dividing by the count of numbers.