A) B) C) D)

question 20

Multiple Choice

$\begin{array}{c|c}\text { Speed } & \begin{array}{c}\text { Number } \\\text { of cars }\end{array} \\\hline 0-29 & 4 \\30-59 & 16 \\60-89 & 60 \\90-119 & 20\end{array}$

• A)
• \(\begin{array}{r|c}
• \text { Speed } & \begin{array}{c}
• \text { Cumulative } \\
• \text { Frequency }
• \end{array} \\
• \hline \text { Less than } 30 & 100 \\
• \text { Less than } 60 & 80 \\
• \text { Less than } 90 & 82 \\
• \text { Less than } 120 & 4
• \end{array}\)
• B)
• \(\begin{array}{r|c}
• & \begin{array}{r}
• \text { Cumulative } \\
• \text { Speed }
• \end{array} \\
• \hline \text { Less than } 30 & 0.04 \\
• \text { Less than } 60 & 0.20 \\
• \text { Less than } 90 & 0.80 \\
• \text { Less than } 120 & 1.00
• \end{array}\)
• C)
• \(\begin{array}{c|c}
• & \text { Cumulative } \\
• \text { Speed } & \text { Frequency } \\
• \hline 0-29 & 4 \\
• 30-59 & 20 \\
• 60-89 & 80 \\
• 90-119 & 100
• \end{array}\)
• D)
• \(\begin{array}{r|c}
• \text { Speed } & \begin{array}{c}
• \text { Cumulative } \\
• \text { Frequency }
• \end{array} \\
• \hline \text { Less than } 30 & 4 \\
• \text { Less than } 60 & 20 \\
• \text { Less than } 90 & 80 \\
• \text { Less than } 120 & 100
• \end{array}\)

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Definitions:

Long Run

A period of time in which all factors of production and costs are variable, and firms can enter or exit the industry.

Market Entry

The process by which a new competitor enters an existing market to offer goods or services.

Profits Maximize

The process of adjusting production and operations to achieve the highest possible profit margins.

Restaurant Industry

A sector of the economy that is concerned with the preparation, sale, and service of food and beverages to customers.