If a Government Price Control Succeeds in Affecting Price, It

question 250

Multiple Choice

If a government price control succeeds in affecting price, it can be expected to lead to a corresponding

• A) decrease in the quantity of sales only if the price is forced down.
• B) decrease in the quantity of sales if the price is forced down and an increase in the volume of sales if the price is forced up.
• C) decrease in the quantity of sales whether the price is forced up or down.
• D) increase in the quantity of sales whether the price is forced up or down.

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Definitions:

Continuous Random Variable

A type of random variable that can take an infinite number of values within a given range.

Outcomes

The possible results or consequences of an experiment or situation.

Intervals

In mathematics and statistics, a range between two numbers or quantities, indicating their difference or the period between two points in time.

Real Numbers

The set of all rational and irrational numbers, including integers, fractions, and decimals, that represent a continuous line of values.