The Classification of Student Class Designation (Freshman, Sophomore, Junior, Senior)is

question 103

Multiple Choice

The classification of student class designation (freshman, sophomore, junior, senior) is an
Example of

• A) a categorical variable.
• B) a discrete variable.
• C) a continuous variable.
• D) a table of random numbers.

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Definitions:

Deadweight Loss

Deadweight loss refers to the inefficiency caused in the market when the allocation of resources is not optimal, often resulting from tariffs, taxes, or other restrictions.

Price Floor

A price floor is a government-imposed minimum price charged for a product, aimed at preventing prices from dropping too low.

Binding Price Floors

Government-imposed price minimums that are set above the equilibrium price, causing surpluses in the market.

Binding Price Ceilings

Government-imposed price limits that are set below the market equilibrium price, leading to shortages.