Which Statements Are TRUE

question 124

Multiple Choice

Which statements are TRUE?
I. A high price for a good encourages consumers to economize on its use, seeking out alternatives.
II. Rising prices give firms the incentive to bring more goods to the market.
III. Firms that experience rising input prices will seek out substitute inputs and develop production technologies to conserve on the costly input.

• A) I only
• B) I and II
• C) II only
• D) I, II, and III

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Definitions:

Population Mean

Population mean is the average of all the values in a population.

Standard Deviation

A measure of the amount of variation or dispersion in a set of values, indicating how spread out the numbers are from the mean.

Confidence Interval

A series of values, obtained from statistics of a sample, that has a high probability of including the value of an unseen population parameter.

Standard Deviation

A metric that calculates how much a dataset's values deviate or spread out from the average.