When Compared to a Frequency Distribution, a Relative Frequency Distribution

question 37

Multiple Choice

When compared to a frequency distribution, a relative frequency distribution represents:

• A) the number of tallies in the largest class interval.
• B) the total number of tallies in all class intervals.
• C) the percent that each class interval is of the whole.
• D) the percent that each class interval is of the mean.

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Definitions:

Economic Profits

The surplus remaining after subtracting total costs from total revenues, including both explicit and implicit costs.

Positive Economic Profits

Positive economic profits occur when a firm's total revenues exceed its total costs, inclusive of both explicit and implicit costs.

Monopolist

An entity that is the sole provider of a particular product or service in the market, possessing the power to significantly influence prices and supply.

Maximum Profit

The highest possible financial gain a firm can achieve when all factors of production are optimized.