Which of the Following Factors Will Lead to a Decrease

question 69

Multiple Choice

Which of the following factors will lead to a decrease in the current supply of a good?

• A)A fall in the current price of a good or service
• B)A technological advance that decreases production costs
• C)A decrease in the price of inputs to the production process
• D)A belief that the price of a good or service will go up in the future

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Definitions:

Region of Rejection

The range of values for which the null hypothesis is rejected in favor of the alternative hypothesis in hypothesis testing.

p < .05

Indicates that the probability of the observed data occurring under the null hypothesis is less than 5%, suggesting statistical significance.

Null Hypothesis

The presumption of no association or effect between variables, a stance taken until evidence suggests otherwise.

Probability

A numeric expression, ranging from 0 to 1, indicating the probability of an event happening.