In Constructing a Frequency Distribution, the Approximate Class Width Is

question 39

Multiple Choice

In constructing a frequency distribution, the approximate class width is computed as

• A)(largest data value - smallest data value)/number of classes
• B)(largest data value - smallest data value)/sample size
• C)(smallest data value - largest data value)/sample size
• D)largest data value/number of classes

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Definitions:

Effective Price Ceiling

An effective price ceiling is a government-imposed limit on the price that can be charged for a product or service, set below the market equilibrium, leading to shortages.

Equilibrium Price

The price point at which the market's supplied and demanded goods quantities meet.

Surpluses

Occurs when the quantity of a good or service supplied exceeds the quantity demanded at a specific price; the opposite of shortages.

Shortages

A situation in which the demand for a product or service exceeds the supply available at a particular price.