Given Two Class Intervals and Their Respective Frequencies and Relative

question 52

Multiple Choice

Given two class intervals and their respective frequencies and relative frequencies, the ratio of the frequencies _________ the ratio of the relative frequencies.

• A)is less than
• B)is the same as
• C)is larger than
• D)could be less, equal, or larger than
• E)less than or equal to

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and the actual amount they receive.

Underproduction

The condition where the output is less than what is economically or socially optimal.

Producer Surplus

The difference between the amount producers are willing to supply goods for and the actual amount they receive by selling them.