Use the following to answer questions:
Figure: The Profit-Maximizing Output and Price 
-(Figure: The Profit-Maximizing Output and Price) Look at the figure The Profit-Maximizing Output and Price. Assume that there are no fixed costs and AC = MC = $200. At the profit-maximizing output and price for competitor perfectly competitive industry, consumer surplus is:
Definitions:
Rejection Region
In hypothesis testing, the range of values for which the null hypothesis is considered unlikely and is therefore rejected.
Chi-Square Distribution
A statistical distribution that is used to determine the goodness of fit of an observed distribution to an expected one under the null hypothesis.
Critical Value(s)
Specific point(s) on a distribution curve that define the threshold for rejecting the null hypothesis in hypothesis testing.
Level Of Significance
A threshold in hypothesis testing below which the null hypothesis is rejected, indicating statistical significance.
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