-Refer to Exhibit 3-1

question 115

Multiple Choice

-Refer to Exhibit 3-1.At a price of $2 there is a

• A) shortage of 100 units.
• B) shortage of 200 units.
• C) shortage of 150 units.
• D) surplus of 200 units..
• E) surplus of 150 units.

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Definitions:

Bootstrap Procedure

A resampling method used to estimate the distribution of a statistic by repeatedly sampling with replacement from the data set.

Observations

In statistics and research, these are the collected data points or instances from which insights and conclusions are drawn.

Confidence Level

A measure of the reliability or certainty of a statistical result, typically expressed as a percentage.

Level Of Confidence

The probability, often expressed as a percentage, that a parameter lies within a specified interval.