Refer to the Graph Shown

question 75

Multiple Choice

Refer to the graph shown. If hamburgers are produced by a perfectly competitive industry with a market demand D:

• A) output will be the same as it would be under monopoly.
• B) price will equal marginal cost.
• C) price will equal $6.
• D) price will be greater than marginal revenue.

---

Definitions:

Variation

The degree to which individual data points in a data set differ from each other and from the mean of the data set.

Scatterplot

A graphical representation of the relationship between two quantitative variables, with individual data points plotted on a two-dimensional axis.

Least Squares

A method for estimating the best-fitting line in linear regression by minimizing the sum of the squares of the differences between observed and predicted values.

Regression Line

A line of best fit through a data set in linear regression, showing the relationship between independent and dependent variables.