The Table T Value Associated with the Upper 5% of the T

question 23

Multiple Choice

The table t value associated with the upper 5% of the t distribution and 12 degrees of freedom is _______.

• A)2.179
• B)1.782
• C)1.356
• D)3.055
• E)3.330

---

Definitions:

Perfectly Competitive

A market structure characterized by many small firms, identical products, free entry and exit, and full information, leading to firms being price takers.

Marginal Cost

The additional cost incurred from making one more unit of a good or service.

Optimal-output

The level of production that maximizes a firm's profit, where marginal cost equals marginal revenue.

Break-even

The point at which cost or expenses and revenue are equal, resulting in neither profit nor loss.