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The Table Below Lists the Populations, in Thousands, of Several

question 25

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The table below lists the populations, in thousands, of several rural western counties. Wh: mean population?
 County  Population (thousands)   Aldridge 17 Cleveland 20 McCarthy 12 Pope 22 Sorrell 19 Wilson 18\begin{array}{cc}\hline \text { County } & \text { Population (thousands) } \\\hline \text { Aldridge } & 17 \\\text { Cleveland } & 20 \\\text { McCarthy } & 12 \\\text { Pope } & 22 \\\text { Sorrell } & 19 \\\text { Wilson } & 18\end{array}
is the

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Definitions:

Purely Competitive Market

A theoretical market structure characterized by an infinate number of buyers and sellers, homogeneous products, and no barriers to entry or exit.

Consumer Surplus

The distinction between what consumers are willing and able to allocate financially for a good or service, and what they actually allocate.

Purely Competitive Market

A purely competitive market is characterized by many buyers and sellers, homogenous products, and no barriers to entry or exit, leading to price taking behavior by individuals.

Equilibrium

A state of balance where demand and supply in a market are equal, leading to a stable price.

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