The Table Given Below Reports the Quantity Demanded of a Good

question 86

Multiple Choice

The table given below reports the quantity demanded of a good by individuals 1, 2, and 3 at different prices.Table 3.1

-Refer to Table 3.1. If Quantity Demanded 1, Quantity Demanded 2, and Quantity Demanded 3 are market demand schedules, then the change from Quantity Demanded 1 to Quantity Demanded 3 may have been due to:

• A)an increase in price.
• B)an increase in the number of sellers.
• C)a decrease in price.
• D)a decrease in the number of buyers.
• E)an increase in the price of a substitute good.

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Definitions:

Standard Errors

Measures that provide an estimation of the sampling variation, usually referring to the standard deviation of the sample mean's distribution or other parameter estimates.

Slope Coefficients

In linear regression, these coefficients represent the degree of change in the dependent variable for a one-unit change in an independent variable.

Predictor Variables

Variables that are used in statistical models to predict outcomes or responses of another variable.

Multiple Regression Model

A statistical technique that uses several explanatory variables to predict the outcome of a response variable.