Exhibit 2-8

question 82

Multiple Choice

Exhibit 2-8.Consider the following frequency distribution. Refer to Exhibit 2-8.How many observations are less than 21?

• A)6
• B)12
• C)18
• D)24

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Definitions:

Federal Gasoline Tax

A tax imposed by the federal government on the sale of gasoline, used primarily to fund transportation infrastructure projects like highways and bridges.

Substitutes

Products or services that can replace each other in use, such that an increase in the price of one leads to an increase in the demand for the other.

General Equilibrium

A condition in economics where supply and demand are balanced across all markets in the economy simultaneously.

Supply Curve

A graphical representation of the relationship between the price of a good or service and the quantity supplied for a given period.