Provide an Appropriate Response

question 104

Multiple Choice

Provide an appropriate response.
-A radio station claims that the amount of advertising per hour of broadcast time has an average of 17 minutes and a standard deviation equal to 2.7 minutes. You listen to the radio station for 1 hour, at a randomly selected
Time, and carefully observe that the amount of advertising time is equal to 11 minutes. Calculate the z-score for
This amount of advertising time.

• A)z = -2.22
• B)z = 2.22
• C)z = -0.49
• D)z = 0.49

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Definitions:

Number of Firms

Refers to the total count of business entities participating in a particular market or industry.

Long-Run Equilibrium

a state in which all factors of production can be adjusted, and all firms in the market are making zero economic profits, reflecting a situation of perfect competition.

Marginal Cost

The change in total cost that arises when the quantity produced is incremented by one unit; essentially, the cost of producing one more unit of a good.