Assume That the Market Demand for Organic Tomatoes Is Modeled

question 29

Multiple Choice

Assume that the market demand for organic tomatoes is modeled as Q_D = 104 - 2P and market supply is Q_S = 20 + 4P. If the actual price is set at $20 per pound, there is a _________ of _______ units of the good.

• A) surplus; 36
• B) surplus; 26
• C) shortage; 10
• D) none of the above

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Definitions:

Predictive Validity

The extent to which a test or measurement can accurately forecast or predict future outcomes or behaviors.

Criterion Validity

The extent to which a test's results correlate with other measures or outcomes that are already accepted as reflecting the variable being tested.

Epidemiological

Relating to the study of the distribution and determinants of health and diseases in populations.

Causal Relationship

A connection between two events where one event is understood to be directly responsible for causing the other.