How Many Classes Should Generally Be Used When Constructing a Relative

question 46

Multiple Choice

How many classes should generally be used when constructing a relative frequency histogram?

• A) between 1 and 5 classes
• B) between 1 and 10 classes
• C) between 5 and 12 classes
• D) between 5 and 20 classes

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Definitions:

Demand Equation

is a mathematical representation that shows the relationship between the quantity of a good demanded and its price along with other factors affecting demand.

Supply Equation

A mathematical formula used to describe the relationship between the price of a good or service and the quantity supplied, holding other factors constant.

Price Floor

A government- or authority-imposed minimum price that can legally be charged for a good or service.

Shortage/Surplus

A market condition where the quantity demanded exceeds supply (shortage) or supply exceeds demand (surplus), affecting prices and availability.