An Increase in Both Supply and Demand Must Increase Both

question 77

True/False

An increase in both supply and demand must increase both equilibrium price and quantity.

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Definitions:

Standard Deviation

An indicator of the degree to which values in a dataset spread out or deviate from the average value of the collection.

Mean

The average of a set of numbers, obtained by dividing the sum of the numbers in the set by their quantity.

Cumulative Binomial Probabilities

Cumulative binomial probabilities represent the probability of obtaining a certain number of successes or fewer in a fixed number of independent Bernoulli trials.

Approximate Binomial Distribution

Using a normal distribution to estimate the outcomes of a binomial distribution when the sample size is large and the probability of success is neither very small nor very large.