The Numerical Value of the Variance

question 53

Multiple Choice

The numerical value of the variance

• A) is always larger than the numerical value of the standard deviation.
• B) is always smaller than the numerical value of the standard deviation.
• C) is negative if the mean is negative.
• D) can be larger or smaller than the numerical value of the standard deviation.

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Definitions:

Short-run

A period in which at least one input is fixed, limiting the ability of the firm to adjust its production levels.

Consumer Surplus

The discrepancy between what consumers are prepared and capable of paying for a good or service and what they end up paying.

Producer Surplus

The difference between what producers are willing to accept for a good or service and the actual price they receive, representing their benefit.

Monopolized

Dominated or controlled entirely by a single entity, often in reference to a market situation where one firm holds the majority market share.