The Graph Shown Portrays a Subsidy to Buyers

question 19

Multiple Choice

The graph shown portrays a subsidy to buyers. Once the subsidy is in place, the buyers pay _____ and the sellers receive ________; the difference is ___________.

• A) $24; $40; the amount of the subsidy
• B) $30; $46; the amount of the subsidy
• C) $40; $24; the amount of the subsidy
• D) $24; $40; the amount of government revenue

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Definitions:

Median

The value separating the higher half from the lower half of a data sample or probability distribution.

Positively Skewed Distribution

A distribution where the tail is longer on the right side of the peak, indicating that most data points are on the left.

Interquartile Range

A measure of statistical dispersion, represented by the difference between the 25th and 75th percentiles of a dataset.

Median

The middle value in a dataset when it is arranged in ascending or descending order, or the average of the two middle values if the dataset has an even number of observations.