When a Price Ceiling Which Had Been Set Below Equilibrium

question 200

Multiple Choice

When a price ceiling which had been set below equilibrium price is removed,what happens next?

• A)Quantity supplied rises.
• B)Quantity demanded falls.
• C)Price rises.
• D)All of the choices.

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Definitions:

Poisson Distribution

A probability distribution that models the number of times an event occurs in a fixed interval of time or space, assuming events occur with a known constant mean rate independently of the time since the last event.

Chi-square Statistic

A statistic used to test hypotheses about the distribution of observations among categories.

Fixed Interval

A specific period of time between occurrences or events in a scheduled series.

Two-way Table

A table that displays data collected from two variables, providing a basis for examining relationships between them.