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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
In a recent survey about capital punishment,64% of the respondents said that they support capital punishment.Females comprised 48% of the sample,and of the females,46% supported capital punishment.
-What is the probability that a randomly selected person is a female and capital punishment supporter?
Allocative Inefficiency
A situation where resources are not allocated in a way that maximizes the welfare or utility of consumers, often leading to a loss of economic efficiency.
Regulation Prices
Regulation prices involve government-imposed limits on the prices that can be charged for goods and services in certain markets to protect consumer interests.
Unregulated Monopolist
A monopolist that operates without governmental restrictions or regulations, freely setting prices and output levels without external interference.
Market Efficiency
Market efficiency refers to the extent to which market prices fully reflect all available information, leading to an optimal allocation of resources.
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