Use the Following to Answer Questions 22-23

question 79

Multiple Choice

Use the following to answer questions 22-23:
Figure 3.8
-(Figure 3.8) At a price ceiling of $2, what is the amount of surplus transferred from producers to consumers?

• A) $4,000
• B) $2,000
• C) $1,000
• D) $500

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Definitions:

Relative Standing

An indication of the position of a value within a dataset, often represented through percentiles, z-scores, or standard scores.

Upper Quartile

The value below which 75% of the data points in a dataset fall, also known as the third quartile.

Percentile

A measure that indicates the value below which a given percentage of observations in a group of observations falls.

Five-number Summary

Consists of the minimum, first quartile, median, third quartile, and maximum, providing a quick overview of the distribution of a dataset.