Use the Contingency Table to Solve the Problem

question 1

Multiple Choice

Use the contingency table to solve the problem.
-The following contingency table shows the popular votes cast in the 1984 presidential election cross classified by region and political party. Data are in thousands, rounded to the nearest thousand. What percentage of the people voted Democrat and were in the West?

• A)40.6%
• B)39.2%
• C)18.7%
• D)7.6%

Understand and calculate profit, total revenue, and total cost for firms within monopolistically competitive markets.

Recognize the role of advertising and product differentiation in monopolistic competition.

Understand the concept of economic profit versus normal profit in the context of monopolistically competitive markets.

Explore how entry and exit of firms in the long run affects market outcomes in monopolistically competitive markets.

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Definitions:

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