Refer to the Table Shown A) 1 Unit of Output

question 43

Multiple Choice

Refer to the table shown. If the market price is $6, a perfectly competitive profit-maximizing firm will produce: $$\begin{array} { | c | c | } \hline \text { Quantity } & \text { Marginal Cast } \\\hline 1 & \$ 3 \\\hline 2 & 5 \\\hline 3 & 7 \\\hline 4 & 9 \\\hline\end{array}$$

• A) 1 unit of output.
• B) 2 units of output.
• C) 3 units of output.
• D) 4 units of output.

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Definitions:

Continuous Data

Data with incremental values between the minimum and maximum. For example, age can have values of years, months, weeks, days, hours, minutes, or seconds.

Frequencies

The counts or occurrences of specific events or characteristics in a set of data.

Central Tendency

A statistical measure that identifies a single value as representative of the middle of a dataset, commonly by using the mean, median, or mode.

Variance

A measure of the distribution of data points in a data set around the mean, indicating how spread out the data points are.