- A) $6.5$ B) 7
C) 6
D) $5.5$

question 43

Multiple Choice

$$\text { Use the given table to determine the mean, } \mu _ { \chi ^ { \prime } } ^ { - } \text {of the variable } \bar { x } \text { for the given sample size. }$$
- $\begin{array}{c|c}\text { Sample } & \bar{x} \\\hline 4,5 & 4.5 \\4,6 & 5 \\4,7 & 5.5 \\4,8 & 6 \\5,6 & 5.5 \\5,7 & 6 \\5,8 & 6.5 \\6,7 & 6.5 \\6,8 & 7 \\7,8 & 7.5\end{array}$

• A)\(6.5\)
• B) 7
• C) 6
• D) \(5.5\)

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Definitions:

Consumer Demand

The desire and willingness of consumers to purchase a certain quantity of goods or services at various price points, at a particular time.

Competitive Increasing-cost Industry

An industry where supply costs increase as output expands, often because resources become scarcer or harder to obtain as production grows.

Long-run Equilibrium

A state in which all firms in a perfectly competitive market earn zero economic profits, with no incentives for new firms to enter or existing firms to exit.

Decrease in Demand

A situation where consumers' willingness and ability to purchase a product at all price levels declines, represented by a leftward shift of the demand curve.