Consider a Perfectly Competitive Market

question 69

Multiple Choice

Consider a perfectly competitive market.In the short run,if demand increases due to a technological advance,the equilibrium price

• A)remains constant and the equilibrium quantity increases.
• B)remains constant and the equilibrium quantity decreases.
• C)rises and the equilibrium quantity increases.
• D)falls and the equilibrium quantity decreases.
• E)rises and the equilibrium quantity remains the same.

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Definitions:

Goodness-of-fit Test

A statistical test used to determine how well a statistical model fits a set of observations. It measures the discrepancy between observed values and the values expected under the model in question.

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The level of skill and knowledge in using Statistical Analysis System (SAS) software for statistical analysis.

Statistical Software

Computer programs designed to perform statistical analysis, helping in data entry, manipulation, and presentation of results.

Two-way Table

A data organization method that displays frequencies or counts of variables in rows and columns, facilitating the examination of relationships between two categorical variables.