Choose the One Alternative That Best Completes the Statement or Answers

question 53

Multiple Choice

Choose the one alternative that best completes the statement or answers the question.
-A stem-and-leaf plot for the number of homeruns hit by 30 High School teams is shown. Find the probability that a team chosen at random hit more than 28 homeruns. Key: $2 \mid 8 = 28$
$\begin{array} { l | l } 1 & 89 \\2 & 023347889 \\3 & 11345568999 \\4 & 223569 \\5 & 15\end{array}$

• A)0.667
• B)0.233
• C)0.933
• D)0.509

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Definitions:

Nonprice Competition

A marketing strategy where businesses focus on product differentiation, quality, or service rather than altering prices to compete with other firms.

Allocative Efficiency

A state in which resources are allocated in a way that maximizes the overall utility or welfare of society, ensuring that every good or service is produced up to the point where the last unit provides a benefit to consumers equal to the cost of producing it.

Productive Efficiency

A situation where an economy or entity is operating in such a way that it cannot produce more of one good without decreasing the production of another good.

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, representing surplus value created by a firm.