The scatterplot below shows the number of alcoholic drinks consumed and memory test results for some college students. Is there an association? If so, describe the pattern. Be sure to comment on trend, shape, and the strength of the association.
Definitions:
Price Ceiling
A government-imposed limit on how high a price can be charged for a product, service, or resource, typically set below the equilibrium price.
Shortage
A situation in which the demand for a product or service exceeds the supply available at a particular price.
Non-price Factors
Variables other than price that affect the demand and supply of goods and services, such as consumer preferences, income, and technology.
Price Ceiling
A legal maximum price that can be charged for a good or service, intended to protect consumers from high prices.
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