Which of the Following Would Cause a Decrease in the Supply

question 175

Multiple Choice

Which of the following would cause a decrease in the supply of milk?

• A)An increase in the price of cookies (assuming that milk and cookies are complements).
• B)A decrease in the price of milk.
• C)An increase the price of a product that producers sell instead of milk.
• D)An increase in the number of firms that produce milk.

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Definitions:

P-value

The odds of getting results from a test that are as extreme as or exceed the extremity of the observed results, on the assumption that the null hypothesis is in effect.

Population Correlation

A measure of the strength and direction of association that exists between two variables measured across an entire population.

Alternative

In hypothesis testing, this refers to the hypothesis that contradicts the null hypothesis, suggesting some effect or difference exists.

Null Hypothesis

In statistical testing, it is the assertion that there is no effect or no difference, used as a default hypothesis to challenge with experimental evidence.