If an Increase in the Price of Good X Leads

question 139

Multiple Choice

If an increase in the price of good X leads to a decrease in the demand for good Y, then:

• A)good X and good Y are complements.
• B)good X and good Y are normal goods.
• C)good X and good Y are substitutes.
• D)good X is a normal good and good Y is an inferior good.

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Definitions:

Poisson Distribution

A probability distribution that measures the probability of a given number of events happening in a fixed interval of time or space, assuming events occur with a known constant mean rate and independently of the time since the last event.

Binomial Probability Distribution

A probability distribution showing the probability of x successes in n trials of a binomial experiment.

Skewed

Describes a distribution that is not symmetrical, with a long tail on either the right or left side, indicating that the data are not evenly distributed around the mean.

Probability Distribution

An equation in math that determines the chances of all the different possible results of a given experiment.