Refer to the Figure Below to Answer the Following Questions

question 87

Multiple Choice

Refer to the figure below to answer the following questions.

Figure 7.2.1
The figure shows the market for shirts in Canada, where D is the domestic demand curve and S is the domestic supply curve. The world price is $20 per shirt.
-In Figure 7.2.1, international trade ________ consumer surplus in Canada by ________.

• A)increases; $320 million
• B)decreases; $192 million
• C)increases; $192 million
• D)decreases; $320 million
• E)increases; $576 million

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Definitions:

Descriptive Statistics

Statistical methods that summarize and describe the features of a dataset through metrics such as mean, median, mode, and standard deviation, without drawing conclusions about the population from which the sample was drawn.

Inferential Statistics

Statistical methods that allow researchers to make predictions or inferences about a population based on a sample.

Large Sample Sizes

The use of a substantial number of participants or observations in research to increase the validity and reliability of the findings.

Inferential Statistics

It is the branch of statistics that deals with drawing conclusions and making predictions about a population based on a sample.