Figure 3-6 -Which of the Following Is Evidence of a Surplus of a Surplus

question 168

Multiple Choice

Figure 3-6
-Which of the following is evidence of a surplus of bananas?

• A) Firms raise the price of bananas.
• B) The price of bananas is lowered in order to increase sales.
• C) The equilibrium price of bananas rises due to an increase in demand.
• D) The quantity demanded of bananas is greater than the quantity supplied.

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Definitions:

Standard Deviation

A metric that gauges the spread or deviation of a dataset in relation to its average, showing the extent to which the data points are scattered.

Mean

The average of a set of numbers, calculated by dividing the sum of all the values by the number of values.

Median

The middle value in a sorted list of numbers, which divides the data set into two halves.

IQR

Interquartile range, a measure of statistical dispersion being the difference between the 75th and 25th percentiles, or quartiles, in a data set.