The Probability That a Continuous Random Variable X Assumes a Single

question 27

Multiple Choice

The probability that a continuous random variable x assumes a single value is always:

• A)less than 1
• B)greater than zero
• C)equal to zero
• D)between zero and 1

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Definitions:

Price Ceiling

A legally established maximum price for goods or services, intended to protect consumers from excessively high prices.

Market Equilibrium

A condition in which market supply equals market demand, and the price of the good or service stabilizes.

Quantity Demanded

The specific amount of a product that consumers are willing to buy at a given price, holding all other factors constant.

Price Ceiling

A government-imposed limit on how high a price can be charged for a good or service.