-Refer to the Above Graph to Answer This Question

question 150

Multiple Choice

-Refer to the above graph to answer this question.What are the implications if the price of this product is $8?

• A)The price would be above equilibrium.
• B)There would be a shortage of 300 units.
• C)There would be a shortage of 600 units.
• D)There would be a surplus of 300 units.
• E)There would be a surplus of 600 units.

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Definitions:

Null Hypothesis

A hypothesis used in statistics that suggests there is no significant effect or difference, serving as a default position that there is no association between two measured phenomena.

Probability

A measure of the likelihood or chance that a particular event will occur, expressed on a scale from 0 to 1.

Null Hypothesis

A statement of no effect or no difference, used as a default assumption until evidence indicates otherwise.

Test Statistic

A value calculated from a sample of data that is used to evaluate the validity of a hypothesis in statistical hypothesis testing.