Refer to the Following:
Total Cost Schedule for a Competitive

question 2

Multiple Choice

Refer to the following:
Total cost schedule for a competitive firm:
$$\begin{array} { c c } \text { Output } & \text { Total Cost } \\\hline 0 & \$ 10 \\1 & \mathbf { 6 0 } \\\mathbf { 2 } & \mathbf { 8 0 } \\\mathbf { 3 } & 110 \\4 & 165 \\5 & \mathbf { 2 4 5 } \\\hline\end{array}$$
-If market price is $60, how many units of output will the firm produce?

• A) Zero units of output because the firm shuts down.
• B) 1 unit of output.
• C) 2 units of output.
• D) 3 units of output.
• E) none of the above.

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Definitions:

Kruskal-Wallis Test

The Kruskal-Wallis Test is a non-parametric statistical test used to determine if there are statistically significant differences between two or more groups of an independent variable on a continuous or ordinal dependent variable.

Chi-Squared Distribution

A statistical distribution that is used to describe the distribution of a sum of the squares of k independent standard normal variables, commonly used in hypothesis testing.

Chi-Squared Distributed

Referring to a statistical distribution that arises from the sum of the squares of variables that follow a standard normal distribution.

Degrees of Freedom

The number of values in a statistical calculation that are free to vary, often linked to the size of the data set.