Given the Following Frequency Distribution, How Many Pieces of Data

question 62

Multiple Choice

Given the following frequency distribution, how many pieces of data were less than 28.5?

• A)12
• B)9
• C)25
• D)17

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Definitions:

Marginal Cost

The additional cost incurred by producing one more unit of a product or service.

Shut Down

A short-term decision by a firm to cease operations when variable costs exceed revenues, typically in a perfect competition scenario.

Short Run

A time period in economics during which at least one factor of production is fixed, limiting the ability of the economy or firm to fully adjust.

Long Run

A period in which all factors of production and costs are variable, allowing full adjustment to any change.