Using the T-Tables, Software, or a Calculator, Estimate the Critical

question 12

Multiple Choice

Using the t-tables, software, or a calculator, estimate the critical value of t for the given confidence interval and degrees of freedom: 90% confidence interval with df = 4.

• A)1.645
• B)1.533
• C)2.353
• D)2.132
• E)4.604

---

Definitions:

Purely Competitive Firm

A market structure where firms are price takers and sell homogeneous products with many buyers and sellers, leading to perfect competition.

Economic Profit

The contrast between a company's overall receipts and its full charges, considering both palpable and inferred costs.

Long Run

A time period in economics during which all factors of production and costs are variable, allowing for all adjustments to be made to achieve an equilibrium.

Competitive Increasing-cost Industry

An industry in which the entry of new firms causes the input prices to increase, leading to upward-sloping supply curves for the firms.