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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
An investment advisor recently reviewed the account activity of a sample of 10 of his clients and calculated the average number of stock trades per month over the past year for each client.He obtained the following data values: 10.2,2.5,11.4,3.2,1.1,3.4,8.4,9.7,11.2,and 2.4.
-Construct a relative frequency and percent distributions of the data.
Perfect Competition
A market structure characterized by a large number of small firms, homogeneous products, and free entry and exit, leading to price-taking behavior.
Standardized Product
Output of different producers regarded by consumers as the same good; also referred to as a commodity.
Easy Entry And Exit
Characteristics of a market where companies can freely enter or leave without significant barriers or costs.
Patented Prescription Drug
A medication that is protected by a patent, giving its manufacturer the exclusive right to produce and sell the drug for a certain period.
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