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A researcher is using a random number table to pick between two groups labelled X and Y.X is to be chosen with a probability of 36/56 and Y with a probability of 20/56.The researcher assigns the digits
From 1 through 36 to X and the digits 37 to 56 to Y.The researcher uses this section of a random number
Table: What are the first and second choices?
Perfect Competition
A theoretical market structure characterized by a complete absence of rivalry among the individual firms.
Monopoly
An economic setup where there is only one provider offering a distinctive item for sale.
Joint Profits
Profits that are shared among two or more businesses, typically resulting from a partnership or joint venture.
Duopolists
Two firms that dominate a market or industry, competing directly with each other.
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