Which of the Following Is True

question 94

Multiple Choice

Which of the following is true?
i.A price ceiling set above the equilibrium price has no effects.
ii.A price ceiling set below the equilibrium price creates a surplus.
iii.A price floor set above the equilibrium price has no effects.

• A) Only i
• B) Only ii
• C) Only iii
• D) i and ii
• E) ii and iii

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Definitions:

Fair 6-sided Dice

A cube-shaped object with each of its six faces showing a different number of dots from 1 to 6, used in games of chance to ensure an equal probability of landing on any face when thrown.

Histogram

A graphical representation of the distribution of numerical data, showing the frequency of data points in successive fixed intervals of values.

Rolls

Cylindrical pieces of bread baked in various sizes or a list of names, typically used for recording purposes.

Normal Model

A type of statistical distribution that is symmetric, bell-shaped, and describes how continuous data points are dispersed or spread across the mean.