The Symbol σ² Is Used to Represent the

question 39

Multiple Choice

The symbol σ² is used to represent the

• A) variance of the population.
• B) standard deviation of the sample.
• C) standard deviation of the population.
• D) variance of the sample.

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Definitions:

Competitive Equilibrium

A state in a market where demand equals supply, meaning that there's no excess supply or demand at the current price.

Allocative Efficiency

A state of resource allocation where it is impossible to make any one individual better off without making someone else worse off, maximizing societal welfare.

Deadweight Losses

Deadweight losses occur in an economy when the total welfare is not maximized, often resulting from inefficiencies such as taxes, subsidies, price controls, or monopolistic market practices.

Consumer Surplus

The divergence between what consumers are able and willing to shell out for a product or service and the actual cost they incur.