Reference: Ref 8-10 (Figure: Price Ceilings and Valuation of Uses)

question 45

Multiple Choice

Reference: Ref 8-10 (Figure: Price Ceilings and Valuation of Uses) Refer to the figure. Suppose a price ceiling of $15 goes into effect. If the highest value use and the lowest value use are equally likely to be satisfied, then the average value of the product is:

• A) $45.
• B) $30.
• C) $25.
• D) $35.

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Definitions:

Concatenate Strings

The process of linking two or more strings together end-to-end to form a single string.

Plus Sign

A symbol used in programming and mathematics to signify addition or to concatenate strings, depending on the context.

Named Constant

A unique identifier in programming that represents a fixed value which cannot be altered during program execution.

Static Final

A combination of keywords in Java to define constants - immutable variables that are class-level and shared by all instances.