Those Things Held Unchanged When an Equilibrium Price Is Established

question 58

Multiple Choice

Those things held unchanged when an equilibrium price is established:

• A) are called demand and supply shifters if a change in one (or more) of them would change demand or supply.
• B) include only supply shifters.
• C) seldom change, and therefore prices and quantity in most markets are remarkably stable.
• D) never change, by definition.

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Definitions:

Alternative Hypothesis

A hypothesis that contradicts the null hypothesis, proposing that a significant difference or effect exists in a population parameter.

Statistical Hypotheses

Statements made for statistical testing, often involving assumptions about a population parameter that can be tested against observed data.

Can Occur

Indicates the possibility or likelihood that an event or condition may happen.

Event

An occurrence or outcome in a probabilistic context, which can be one or more results of an experiment or random process.