A fiRm That Is Operating with Excess Capacity Is Likely

question 58

True/False

A firm that is operating with excess capacity is likely to have a high price elasticity of supply.

---

Definitions:

Scatterplot

A type of graph in which the values of two variables are plotted along two axes, the pattern of the resulting points revealing any correlation present.

Normal Curve

A symmetrical, bell-shaped curve representing the distribution of a set of data where most occurrences fall near the average, and fewer are found the farther one moves away from the mean.

Standard Deviation

Standard deviation is a statistical measure that quantifies the amount of variation or dispersion of a set of data values from the mean (average) of the data set.

Scatterplot

A graphical representation using dots to show the relationship between two variables.