A History Professor Gives a Quiz to His Class and Records

question 7

Multiple Choice

A history professor gives a quiz to his class and records the following scores: 13, 11, 11, 9, 12, 13, 16, 14, 11, 10, 8, 13, 20. The range for this distribution is _________.

• A) 13
• B) 12
• C) 8
• D) 20

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Definitions:

Diseconomies of Scale

The phenomenon where an increase in production leads to higher costs per unit due to inefficiencies that arise from scaling up operations.

Increasing Returns

An increase in a firm’s output by a larger percentage than the percentage increase in its inputs.

Diminishing Returns

A principle stating that after a certain point, additional investment or effort yields progressively smaller increases in output.

Marginal-cost Curve

The marginal-cost curve represents how the cost of producing one additional unit of a good changes as its production volume varies.