-Refer to the Graph Above to Answer This Question

question 10

Multiple Choice

-Refer to the graph above to answer this question.Which of the following statement is correct?

• A)Both ab and ac represent a decrease in supply.
• B)Both ab and ac represent a decrease in the quantity supplied.
• C)While ac represents a decrease in supply,ab represents a decrease in demand.
• D)While ac represents a decrease in supply,ab represents a decrease in the quantity demanded.

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Definitions:

Years of Experience

Refers to the length of time someone has spent gaining knowledge or skills in a particular job or activity.

Nominal Variable

A nominal variable is a type of categorical data that represents different categories or groups which do not have a natural order or ranking.

Indicator Variables

Indicator Variables, also known as dummy variables, are numeric variables used in statistical models to represent categorical data with two or more categories.

Regression Model

A statistical technique used to analyze and model the relationship between a dependent variable and one or more independent variables.