If,in Response to a Decrease in the Price of Coffee,the

question 145

Multiple Choice

If,in response to a decrease in the price of coffee,the quantity demanded of coffee increases,economists would describe this as

• A)an increase in demand.
• B)an increase in quantity demanded.
• C)a change in consumer income.
• D)an increase in consumers' taste for coffee.

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Definitions:

Research Hypothesis

A statement predicting a significant relationship or effect between variables, tested against the null hypothesis.

Null Hypothesis

A statement of no effect or no difference, which researchers aim to test against the alternative hypothesis.

Statistical Significance

Statistical significance indicates the likelihood that a result from data collected and analyzed in a study is not due to chance, typically measured by a p-value.

Significance Level

A threshold in hypothesis testing that determines the probability level below which the null hypothesis is rejected, typically set at 0.05 or 5%.