The Reference Range Is

question 19

Multiple Choice

The reference range is

• A)the range of values that includes 95% of the test results for a healthy reference population.
• B)the term that replaces the term normal values or normal range.
• C)stated as a range of values in terms of SD units.
• D)All of the above.

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Definitions:

Pure Competition

A market structure characterized by a large number of small firms, identical products, and free entry and exit from the market.

Long-run Adjustments

Changes a firm or industry makes over a long period to adapt to changes in demand, technology, or other economic factors.

Allocative Efficiency

Occurs when resources are distributed in a way that maximizes the net benefit to society, with goods and services produced at the level where the last unit provides a benefit equal to its cost of production.

Purely Competitive Industry

An industry characterized by many sellers offering identical products where each seller is a price taker due to market forces.