Ultimately, Repealing the Price Controls on Gasoline and Oil

question 126

Multiple Choice

Ultimately, repealing the price controls on gasoline and oil:

• A) led to permanently higher gasoline prices.
• B) led to a higher supply of gasoline and lower prices.
• C) was disastrous since the market collapsed due to a lack of government regulation.
• D) was not able to eliminate the shortages of gasoline in the United States.

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Definitions:

Normal Distribution

A symmetrical bell-shaped distribution of data in which most of the values cluster around the mean.

Uniform Probability Distribution

A distribution in which all outcomes are equally likely to occur within a certain range.

Expected Value

The long-run average value of repetitions of the same experiment or random trial.

Triangular Distribution

A probability distribution with a shape formed by a triangle, which is specified by a minimum, a maximum, and a mode value.