The table gives the aggregate demand and aggregate supply schedules for a nation.
-Based on the table above,the equilibrium price level is
Definitions:
Wilcoxon Rank-sum Test
The Wilcoxon Rank-sum Test is a nonparametric statistical test used to compare two independent samples to determine if they come from the same distribution.
Parametric Statistical Methods
Statistical methods that assume the data follows a particular distribution, typically used for hypothesis testing or estimating population parameters.
Nonparametric Statistical Methods
Statistical techniques that do not assume a specific distribution for the data, making them suitable for analysis of ordinal data or data that doesn't meet assumptions of parametric tests.
Distributional Assumptions
The set of assumptions regarding the underlying distribution of the data, which are critical in choosing the appropriate statistical test and interpreting its results accurately.
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