The Relative Frequency of a Class Is Computed by

question 22

Multiple Choice

The relative frequency of a class is computed by

• A) dividing the midpoint of the class by the sample size.
• B) dividing the frequency of the class by the midpoint.
• C) dividing the sample size by the frequency of the class.
• D) dividing the frequency of the class by the sample size.

---

Definitions:

Perfect Competition

A market structure characterized by a large number of buyers and sellers, homogeneous products, and easy entry and exit, leading to price-taking behavior.

Most Efficient Output

The level of production at which a firm or economy can produce goods at the lowest average cost, maximizing the use of resources.

ATC Curve

The Average Total Cost Curve, which represents the average cost per unit of output over various levels of production, illustrating how costs change with output levels.

AVC Curve

The average variable cost curve, which plots the variable cost per unit of output at different levels of production.