The Excel Function RAND( ) Generates Random Numbers That Provide

question 15

True/False

The Excel function RAND( ) generates random numbers that provide a continuous range of values. Unlike those for two-digit numbers, these values are not limited to probability increments of 0.01.

---

Definitions:

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually pay.

Equilibrium Price

The market price at which the quantity of goods supplied is equal to the quantity of goods demanded, resulting in no excess supply or demand.

Willing To Pay

The maximum amount a consumer is prepared to spend on a good or service, reflecting their valuation and demand.

Maximum Prices

Price caps set by the government on certain goods and services to protect consumers from excessive prices.