An Annual Survey Sent to Retail Store Managers Contained the Question

question 160

Essay

An annual survey sent to retail store managers contained the question "Did your store suffer any losses due to employee theft?" The responses are summarized in the table for two years. Compare the responses for the two years using side-by-side bar charts. What inferences can be made from the charts? $$\begin{array} { l | c | c } \begin{array} { c } \text { Employee } \\\text { Theft }\end{array} & \begin{array} { c } \text { Percentage } \\\text { in year 1 }\end{array} & \begin{array} { c } \text { Percentage } \\\text { in year 2 }\end{array} \\\hline \text { Yes } & 34 & 23 \\\text { No } & 51 & 68 \\\text { Don't know } & 15 & 9 \\\text { Totals } & 100 & 100\end{array}$$

Analyze the implications of different demand and cost conditions on a firm’s pricing and output decisions.

Recognize how the profit-maximization condition (MR = MC) applies to firms in monopolistically competitive markets.

Discuss the role of figures and graphs in analyzing firms’ behavior and market outcomes in monopolistic competition.

Understand the concepts of excess capacity and economic profits in different market structures.

---

Definitions:

Somatosensory Projection Area

The region of the brain's cerebral cortex involved in processing sensory information from the body, including touch, temperature, and pain.

Topographically

Relating to the arrangement or accurate representation of the physical features of an area.

Occipital Lobe

The region of the brain located at the back of the cerebral cortex, responsible for processing visual information.

"Sees Stars"

A colloquial term describing the visual sensation of seeing spots of light, often experienced after a sudden impact to the head or eye movement.