If the Demand Schedule May Be Written P = 100

question 77

Multiple Choice

If the demand schedule may be written P = 100 - 4Q, and the supply schedule P = 40 + 2Q, then the market clearing price and quantity are:

• A)P = 60, Q = 10.
• B)P = 10, Q = 6.
• C)P = 40, Q = 6.
• D)P = 20, Q = 20.
• E)none of the above.

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Definitions:

Chi-Square

A statistical test that measures the difference between observed and expected frequencies in categorical data.

Row Variable

In the context of a data table or matrix, it refers to the variable represented by the rows, often used in cross-tabulation to compare against another variable.

Column Variable

A variable represented by a column in a dataset, where each entry in the column represents a value of the variable.

Degrees of Freedom

In statistics, it refers to the number of independent values or quantities which can be assigned to a statistical distribution, less the number of parameters estimated.