Other Things Equal, Which of the Following Might Shift the Demand

question 129

Multiple Choice

Other things equal, which of the following might shift the demand curve for gasoline to the left?

• A) the discovery of vast new oil reserves in Montana
• B) the development of a low-cost electric automobile
• C) an increase in the price of train and air transportation
• D) a large decline in the price of automobiles

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Definitions:

Control Limits

Statistical boundaries in a control chart that determine the acceptability range for a process variability, outside of which signals a process is out of control.

P Chart

A type of control chart used for monitoring the proportion of defective items in a process over time, helping in the identification of out-of-control processes.

Lower Control Limit

The threshold in quality control charts below which a process is considered out of control and indicating a potential problem.

Mean Sample Proportion

Indicates the average proportion of a characteristic within a sample, calculated as the sum of individual attributes divided by the sample size.