Price Controls Are

question 123

Multiple Choice

Price controls are:

• A)usually enacted when policymakers believe that the market price of a good or service is unfair to buyers or sellers
• B)used to make markets more efficient
• C)nearly always effective in eliminating inequities
• D)established by firms with monopoly power

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Definitions:

Tail

The section at the extreme end of a distribution curve, representing outcomes that are less likely to occur.

Histogram

A graphical representation of the distribution of numerical data, where the data are grouped into ranges and depicted as bars.

Modal Class

The class interval with the highest frequency in a frequency distribution, representing the most common category or range of data.

Observations

The collection of data points or information obtained through watching, measuring, or recording something.