When Price Movements Act as Signals to Profit-Makers,and They Cut

question 45

Multiple Choice

When price movements act as signals to profit-makers,and they cut back on goods with falling prices and increase the production of goods with rising prices,it is called

• A) neosocialism.
• B) the consumer sovereignty mechanism.
• C) old socialism.
• D) the radical price-control mechanism.

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Definitions:

Tchebysheff's Theorem

A theorem stating that for any set of data, the proportion of results within k standard deviations from the mean is at least 1-(1/k^2) for k>1.

Tchebysheff's Theorem

A statistical theorem stating that for any distribution, the proportion of outcomes within k standard deviations from the mean is at least \(1-\frac{1}{k^2}\) for k > 1.

Empirical Rule

A statistical norm indicating that in a normal distribution, the vast majority of data points lie within a range of three standard deviations from the mean.

Tchebysheff's Theorem

A theorem that provides a minimum bound on the proportion of values that lie within a certain number of standard deviations from the mean for any distribution.