If There Is a Shortage at a Given Price,then

question 58

Multiple Choice

If there is a shortage at a given price,then

• A)That price is the equilibrium price.
• B)That price is greater than the equilibrium price.
• C)That price is less than the equilibrium price.
• D)There is no equilibrium price in the market.

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Definitions:

Standard Deviation

An indicator calculating the spread of data around the mean, achieved by the square root of the variance.

Mean

The average of a set of numbers, calculated by dividing the sum of these numbers by the count of the numbers in the set.

Unimodal

Describing a distribution with a single prominent peak or mode, indicating the most commonly occurring value.

Median

The middle value in a sorted list of numbers, which separates the higher half from the lower half of the dataset.