Equilibrium Price Must Decrease When Demand

question 156

Multiple Choice

Equilibrium price must decrease when demand

• A)increases and supply does not change,when demand does not change and supply decreases,and when demand decreases and supply increases simultaneously.
• B)increases and supply does not change,when demand does not change and supply decreases,and when demand increases and supply decreases simultaneously.
• C)decreases and supply does not change,when demand does not change and supply increases,and when demand decreases and supply increases simultaneously.
• D)decreases and supply does not change,when demand does not change and supply increases,and when demand increases and supply decreases simultaneously.

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Definitions:

One-Way ANOVA

A statistical test that compares the means of three or more independent groups to determine if there is a significant difference between them.

Null Hypothesis

The default hypothesis that there is no significant difference or relationship between specified populations, any observed effect is due to sampling or experimental error.

Interaction

In the context of statistics and experimental design, interaction refers to a situation where the effect of one independent variable on the dependent variable varies according to the level of another independent variable.

Factorial ANOVA

A statistical test used to examine the effects of two or more independent variables on a dependent variable simultaneously.