Refer to the Accompanying Diagram

question 67

Multiple Choice

Refer to the accompanying diagram. An increase in the number of buyers would cause the demand curve to:

• A) shift from D₁ to D₃.
• B) remain at D₁.
• C) shift from D₁ to D₂.
• D) shift from D₂ to D₁.
• E) shift from D₂ to D₃.

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Definitions:

Rule of 5

A guideline in statistics that suggests if the sample size is smaller than 5, certain statistical methods, such as normal approximation, may not be reliable.

Expected Values

The mean of a probability distribution, representing the average outcome one can expect to see.

Null Hypothesis

A statement used in statistics that suggests there is no significant difference or effect, serving as the default assumption to be tested.

Chi-Squared Test

A statistical test used to determine whether there is a significant difference between the expected frequencies and the observed frequencies in one or more categories.