Refer to the Graph Above Showing the Domestic Demand and Supply

question 38

Multiple Choice

Refer to the graph above showing the domestic demand and supply curves for a specific product in a hypothetical nation called Econland. When the world price for this product is $0.50, Econland will:

• A) Import 500 units
• B) Import 100 units
• C) Import 400 units
• D) Export 100 units

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Definitions:

Histogram

A graphical representation of the distribution of numerical data, often showing the frequency of data intervals.

Interval Data

A type of numerical data where the order and the exact differences between the values matter, but there is no true zero point.

Classes

Groupings or categories into which data or objects are organized based on common characteristics or attributes.

Histogram

A graphical representation of data using bars of different heights to show the distribution of values in a dataset.