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If the federal government sets a minimum price for wheat at $5.00 per bushel when the equilibrium price is $4.50, then
Statistical Probability
The quantification of the likelihood of an event occurring based on a ratio of favorable outcomes to the total number of possible outcomes.
Statistical Precision
How similar the results are when measurements are taken repeatedly in unaltered circumstances.
T-statistic
A value derived from a T-test that measures the size of the difference relative to the variation in the sample data.
Statistical Probability
A measure of how likely an event is to occur based on available data or statistical analysis.
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