Figure: Price and Quantity 4 If the Figure Depicts

question 183

Multiple Choice

Figure: Price and Quantity 4 If the figure depicts a market for an inferior good,which of the following statements describes what could have happened?

• A) Consumer income increased,causing an increase in demand and an increase in supply.
• B) Consumer income decreased,causing an increase in demand and an increase in quantity supplied.
• C) The price of a substitute good increased,causing an increase in quantity demanded and an increase in quantity supplied.
• D) Consumers expect lower future prices,causing an increase in demand and an increase in supply.

---

Definitions:

Interval Variables

Quantitative variables where the intervals between the values are equal and meaningful, allowing for comparisons and mathematical operations.

Symmetric Distribution

A distribution where the left and right sides are mirror images of each other around the central point.

Skewed Distribution

A probability distribution that is not symmetrical, where one tail is longer or fatter than the other.

Bell Shaped

A bell-shaped distribution refers to a data distribution that is symmetric and has a single peak in the middle, resembling the shape of a bell, commonly associated with the normal distribution.