A Variable Measuring the Number of People in a Group

question 31

Multiple Choice

A variable measuring the number of people in a group

• A) Can only be analyzed as a continuous variable
• B) Can only be analyzed as a discrete variable
• C) Could be analyzed as either continuous or discrete depending on the whether there are a large or small number of people in the group
• D) Cannot be analyzed as either continuous or discrete

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Definitions:

Perfectly Competitive

A market structure characterized by many buyers and sellers, identical products, and free entry and exit, leading to price determination by supply and demand.

Market Price

The ongoing value for buying or selling a product or service in the free market.

Shut Down

A short-term decision by a firm to cease production when marginal revenue does not cover variable costs, differing from going out of business, which is a long-term decision.

Total Revenues

The entire sum of money earned from selling goods or services prior to deducting any costs.