If the Distribution of Sales Is Thought to Be Symmetric

question 71

Multiple Choice

If the distribution of sales is thought to be symmetric with very little variation, then:

• A) the whiskers on a box and whisker plot should be about half as long as the box is wide
• B) the width of the box in a box and whisker plot will be very wide but the whisker will be very short
• C) the left and right edges of the box in a box and whisker plot will be approximately equal distance from the second quartile
• D) none of these
• E) all of these

Identify the conditions under which firms in perfectly competitive markets earn zero, positive, or negative economic profits.

Understand the relationship between supply shifts and their impact on firm profitability within perfectly competitive markets.

Grasp the demand curve facing individual firms in perfectly competitive markets and its implications.

Recognize the role of marginal cost and average total cost in informing production and pricing decisions.

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Definitions:

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