Figure 18-2 -Figure 18-2 Shows the Widget Market Before and After an and After

question 179

Multiple Choice

Figure 18-2
-Figure 18-2 shows the widget market before and after an excise tax is imposed.The revenue collected by the tax is ____.

• A)$8,000
• B)$50,000
• C)$100,000
• D)$150,000

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Definitions:

Random Variable

A variable that varies based on the results of a chance event.

Average Value

The sum of all the values in a set divided by the number of values in the set.

Radar Equipment

Equipment designed to detect the presence, direction, distance, and speed of objects by using radio waves to bounce off the objects and return data.

Continuous

Refers to a variable or process that can assume an infinite number of values within a given range.