Which Is Correct

question 3

Multiple Choice

Which is correct?

• A)Participants were 18 Cuban-Americans.
• B)Participants were 15 White and 15 Black elementary school students.
• C)Participants were 15 white and 15 black elementary school students.
• D)none of the above

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Definitions:

Efficiency

The optimal allocation of resources in a way that maximizes productivity or utility.

Price Discrimination

Price discrimination involves a seller charging different prices for the same product or service to different customers, based on factors like demand, customer attributes, or purchase volume.

Monopolistic Competition

Monopolistic competition describes a market structure where many firms sell products that are similar but not identical, allowing for some degree of market power and price setting.

Perfect Competition

A market structure characterized by many buyers and sellers, identical products, and free entry and exit, leading to efficient outcomes.