Which of the Following Would Cause Both the Equilibrium Price

question 146

Multiple Choice

Which of the following would cause both the equilibrium price and equilibrium quantity of barley (assume that barley is an inferior good) to increase?

• A)an increase in consumer income
• B)a drought that sharply reduces barley output
• C)a decrease in consumer income
• D)unusually good weather that results in a bumper crop of barley

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Definitions:

Regression Line

A line that best fits the data points in a scatter plot, showing the relationship between a dependent variable and one or more independent variables.

Coefficient of Determination

A metric that quantifies the proportion of the variance in the dependent variable predictable from the independent variable(s).

Television Game Shows

Competitive entertainment programs on television where participants play games to win prizes.

Regression Line

A straight line that best fits the data points on a scatter plot, used in linear regression to model the relationship between independent and dependent variables.