-The Figure Above Shows the Market for Private Elementary School

question 183

Multiple Choice

-The figure above shows the market for private elementary school education in Chicago.There is no external cost of private elementary education.If the government does not intervene in this market,the deadweight loss equals

• A) 0.
• B) $800,000.
• C) $1,600,000.
• D) more than $1,600,000.
• E) more than $800,000 and less than $1,600,000.

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Definitions:

Normal Distribution

A bell-shaped probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean.

Sample Size

Sample size refers to the number of observations or data points collected in a study.

Sampling Distribution

The arrangement of probabilities for a specified statistic, coming from a randomly chosen sample.

Sample Proportion

The fraction of the total sample that represents a particular trait or characteristic.