A Histogram Uses the Midpoints for the X Values and the Frequencies

question 29

True/False

A histogram uses the midpoints for the x values and the frequencies as the y values.

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Definitions:

Nonprice Rationing

Methods of distributing goods or services using criteria other than price, such as queues or rationing cards.

Price Ceiling

A government-imposed limit on how high a price is charged for a product, aimed at protecting consumers from rapid price increases.

Queuing

Waiting in line as a means of distributing goods and services: a nonprice rationing mechanism.

Excess Demand

A situation where the quantity demanded of a good or service exceeds its supply at the current price.