Do Consumers Benefit If Government Sets a Price Ceiling in a Market

question 38

Multiple Choice

Do consumers benefit if government sets a price ceiling in a market?

• A)No, because government regulations always injure consumers.
• B)No, because consumer surplus decreases.
• C)Yes, because consumer surplus increases.
• D)Yes, because consumers will pay a lower price.

Explain the significance of random assignment in experimental design.

Understand the concept of binomial probability and its approximation by the normal distribution.

Recognize the conditions under which the normal approximation to the binomial distribution is appropriate.

Calculate probabilities using the normal approximation to binomial distribution.

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Definitions:

External Locus Of Control

The belief that one's success or failure is due to external factors beyond their control.

Chance

Chance is the occurrence of events in the absence of any obvious intention or cause.

Fate

A predetermined course of events often considered to be beyond human control or influence.

Internal Locus Of Control

The belief that individuals control their own destiny and outcomes are the result of their own efforts and decisions.