Consider That We Have Nominal Data (Responses Are Categorical)and the Responses

question 2

Multiple Choice

Consider that we have nominal data (responses are categorical) and the responses are "Yes" or "No" to the question: "The next time you order pizza,will you use Domino's?" Which of the following sets of responses shows the MOST variability?

• A)90 percent say "Yes" and 10 percent say "No"
• B)80 percent say "Yes" and 20 percent say "No"
• C)70 percent say "Yes" and 30 percent say "No"
• D)60 percent say "Yes" and 40 percent say "No"
• E)55 percent say "Yes" and 45 percent say "No"

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Definitions:

Long-Run Equilibrium

A state where all factors of production and costs are variable, allowing firms to make adjustments leading to the ideal output level.

Profit-Maximizing

A strategic approach in which a firm determines the best output level and pricing to achieve the highest possible profit.

Competitive Market

A market structure characterized by a large number of buyers and sellers, where no single entity has a significant influence on the market price.

Long-Run Equilibria

A state in economics where all factors of production and costs are variable, and firms make decisions to maximize profits without any fixed inputs.