If a Price Ceiling Is a Binding Constraint on a Market,then

question 61

Multiple Choice

If a price ceiling is a binding constraint on a market,then

• A)the equilibrium price must be below the price ceiling.
• B)the quantity supplied must exceed the quantity demanded.
• C)sellers cannot sell all they want to sell at the price ceiling.
• D)buyers cannot buy all they want to buy at the price ceiling.

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Definitions:

Variance

A measure of the spread or dispersion of a set of data points, indicating how much the data varies from the average of that set.

Outliers

Observations in a dataset that significantly differ from the other data points, often indicating variability or errors.

1.5*IQR

A statistical calculation used to identify outliers. It involves multiplying the interquartile range (IQR) by 1.5 and applying this value above the upper quartile and below the lower quartile.

3*IQR

A statistical range calculated as three times the interquartile range (IQR), used to identify outliers by delineating the boundaries beyond which data points are considered exceptional.