A statistics is a ___________
Fill in the blank(s) with the appropriate word(s).
Answer: number to communicate a piece of information.
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The above figure shows the apartment rental market in Bigtown. If the Bigtown Housing Authority imposes a rent ceiling of $500 per apartment, the deadweight loss will be
A) $1,000,000. B) $500,000. C) $250,000. D) $125,000.
When there is a tendency for a particular product to come into favor with additional consumers because other consumers have chosen to purchase the product
A) negative market feedback occurs. B) positive market feedback occurs. C) there is no dominant strategy. D) a price war must result.
Suppose a jar of DeLux popcorn that is ultimately sold to a customer at Friendly Groceries is produced by the following production process: Name of CompanyRevenuesCost of Purchased InputsFulton Family Farm$0.500DeLux Popcorn Co.$2.50$0.50Friendly Groceries$4.00$2.50 What is the value added of DeLux Popcorn Co.?
A. $0.50 B. $2.00 C. $1.50 D. $2.50
The long-run supply curve for a purely competitive industry would be horizontal when:
A. An increase in product demand causes an increase in resource prices B. An increase in product demand causes a decrease in resource prices C. A decrease in product demand causes a decrease in the number of firms D. A decrease in product demand causes no effect in resource prices