If Demand Is Downward Sloping,an Increase in Supply with No

question 3

Multiple Choice

If demand is downward sloping,an increase in supply with no change in demand will lead to a(n) _____ in equilibrium quantity and a(n) _____ in equilibrium price.

• A)increase;increase
• B)increase;decrease
• C)decrease;increase
• D)decrease;decrease

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Definitions:

Binomial Distribution

A probability distribution that summarizes the likelihood that a value will take one of two independent states under a given set of parameters or conditions.

Negatively Skewed

Negatively skewed, in statistics, describes a distribution of data where the tail is longer on the left side of the distribution curve, indicating that the bulk of the values lie to the right.

Positively Skewed

A statistical distribution characterized by a longer tail on the right side, indicating that the bulk of the values lie to the left of the mean.

Probability Density Function

A function that describes the relative likelihood for a continuous random variable to occur at a particular point.