Which of the Following Statements Is False

question 195

Multiple Choice

Which of the following statements is false?

• A) At equilibrium in a market,scarcity does not exist.
• B) If there is a shortage of 100 units at a price of $2 per unit,the shortage will be greater than 100 units at a price of $1 per unit.
• C) If there is a surplus of 30 units at a price of $3,the surplus will be less than 30 units (or even nonexistent)at a price of $2.
• D) If there is a surplus,suppliers will not be able to sell all they had hoped to sell at a particular price.

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Definitions:

Median

The middle value in a data set when the values are arranged in ascending or descending order.

Skewed

A description of data that are not symmetrically distributed around the mean, often indicating a longer tail on one side of the distribution.

Parameter

In statistical analysis, a parameter is a quantity that characterizes a certain aspect of a population or a model.

Statistic

A number that describes a characteristic of a sample, derived from the data that the sample contains.