Refer to the Information in the Following Table When Answering $\quad$

question 32

Multiple Choice

Refer to the information in the following table when answering questions 18 to 26:
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Annual Family Income and Education }$
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Statistics for Three Neighborhoods }$


$\begin{array}{l|llllll}&\text { GLENBROOK}&&\text {MEADOWBROOK}&&\text { ELMBROOK}\\&\text { Income }&\text { Education }&\text { Income }&\text { Education }&\text { Income }&\text { Education }&\\\hline\text {Mean}&\$ 78,000 & 17 \text { Years } & \$ 28,000 & 15 \text { Years } & \$ 16,000 & 11 \text { Years } \\\text {Median}&\$ 27,000 & 18 & \$ 28,000 & 16 & \$ 18,000 & 11 \\\text {Mode}&\$ 26,000 & 20 & \$ 28,000 & 11 & \$ 12,000 & 11 \\\text {Stand Dev.}&\$ 8,000 & 3 & \$ 2,000 & 6 & \$ 3,000 & 1.0\\\text {(N) }&(300) &&(300) &&(300) \end{array}$

$\quad$$\quad$$\quad$$\quad$$\text { * } 4 \text { yrs college }=16 \text { yrs; masters } / \text { law degrees }=18 \mathrm{yrs} ; \mathrm{PhD} / \mathrm{MD} \text { degrees }=20 \mathrm{yrs} \text {. }$
-Which neighbourhood(s) has the highest number of families with the lowest incomes? $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Annual Family Income and Education }$
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Statistics for Three Neighborhoods }$


$\begin{array}{l|llllll}&\text { GLENBROOK}&&\text {MEADOWBROOK}&&\text { ELMBROOK}\\&\text { Income }&\text { Education }&\text { Income }&\text { Education }&\text { Income }&\text { Education }&\\\hline\text {Mean}&\$ 78,000 & 17 \text { Years } & \$ 28,000 & 15 \text { Years } & \$ 16,000 & 11 \text { Years } \\\text {Median}&\$ 27,000 & 18 & \$ 28,000 & 16 & \$ 18,000 & 11 \\\text {Mode}&\$ 26,000 & 20 & \$ 28,000 & 11 & \$ 12,000 & 11 \\\text {Stand Dev.}&\$ 8,000 & 3 & \$ 2,000 & 6 & \$ 3,000 & 1.0\\\text {(N) }&(300) &&(300) &&(300) \end{array}$

$\quad$$\quad$$\quad$$\quad$$\text { * } 4 \text { yrs college }=16 \text { yrs; masters } / \text { law degrees }=18 \mathrm{yrs} ; \mathrm{PhD} / \mathrm{MD} \text { degrees }=20 \mathrm{yrs} \text {. }$

• A) Glenbrook
• B) Meadowbrook
• C) Elmbrook
• D) Glenbrook and Elmbrook
• E) Meadowbrook and Elmbrook

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Definitions:

Purely Competitive Market

A market structure characterized by a large number of small firms selling identical products, with no single firm able to influence market prices.

Total Fixed Costs

The sum of all costs that remain constant regardless of the level of production or sales, such as rent, salaries, or loan payments.

Profit-Maximizing Output

The level of production at which a firm achieves the maximum possible profit, where marginal cost equals marginal revenue.

Marginal Revenue

The additional revenue generated from selling one more unit of a good or service.