What Precision Should You Expect for a Quantity That You

question 9

Multiple Choice

What precision should you expect for a quantity that you determine by estimation in which variables used in the calculation are rounded to the nearest power of ten?

• A)Two significant figures will always be correct.
• B)the correct order of magnitude
• C)Anywhere from two to three significant figures will always be correct.
• D)One significant figure will always be correct.
• E)Three significant figures will always be correct.

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Definitions:

Domestic Quantity Demanded

The total amount of a good or service that consumers in a specific country are willing and able to purchase at a given price.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service versus what they actually pay, representing the economic benefit to consumers.

Domestic Sellers

Businesses or individuals within a country who sell goods or services domestically.

Producer Surplus

The contrast between the price at which producers are willing to sell a good or service and the price they actually secure.