Use the figure below to answer the following questions.
Figure 26.3.1
-Refer to Figure 26.3.1.If Econoworld automatically adjusts to a long-run equilibrium,then in the long-run macroeconomic equilibrium
Definitions:
Confidence Level
The probability or degree of certainty that a confidence interval would contain the true population parameter if the same procedure were repeated multiple times.
Confidence Interval
A range of values, derived from sample statistics, that is believed to contain the true population parameter with a specified level of confidence.
Population Parameter
A numerical value summarizing the whole population.
Confidence Interval
A range of values, derived from sample statistics, that is likely to contain the value of an unknown population parameter, with a specified level of confidence.
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