A Lab Orders 100 Rats a Week for Each of the 52

question 1

Multiple Choice

A lab orders 100 rats a week for each of the 52 weeks in the year for experiments that the lab conducts.Prices for 100 rats follow the following distribution:
How much should the lab budget for next year's rat orders be,assuming this distribution does not change?

• A)$520
• B)$637
• C)$650
• D)$780

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Definitions:

Least Number

The smallest number in a given set of numbers.

Market Model

A theoretical construct that describes the functioning of a market, including the roles of buyers and sellers and the determination of prices.

Pure Monopoly

A market structure in which a single seller controls all production of a good or service with no close substitutes, leading to high barriers to entry for other firms.

Imperfect Competition

A market structure in which firms have some control over the price of their products, due to factors like product differentiation, fewer sellers, or barriers to entry.