A Question Has These Possible Responses: Excellent,very Good,good,fair,and Unsatisfactory

question 48

Multiple Choice

A question has these possible responses: excellent,very good,good,fair,and unsatisfactory. What are the degrees of freedom for a goodness-of-fit test to test the hypothesis that responses are uniformly distributed?

• A)0
• B)2
• C)4
• D)5

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Definitions:

Supply Curves

Graphical representations that show the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.

Above Equilibrium

Above Equilibrium describes a condition where the price of a good or service is higher than the equilibrium price, leading to a surplus of supply over demand.

Quantity Demanded

It is the specific amount of goods or services that consumers are willing and able to purchase at a given price point, at a specific time.

Quantity Supplied

The total quantity of goods or services that businesses are ready and willing to sell at a designated price for a fixed period.