In Problem 8, If Market Demand Is Equal to D(p)

question 10

Multiple Choice

In Problem 8, if market demand is equal to D(p) = 20 - 3p, the equilibrium price and number of firms operating in the market are (in that order)

• A) $3.08 and 7
• B) $3.00 and 6
• C) $3.00 and 8
• D) $3.14 and 3
• E) $3.33 and 5

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Definitions:

Population Standard Deviation

A measure of the dispersion or spread of all values in a population from the population mean.

Mean Salary

The average salary calculated by summing all salaries and dividing by the number of salaries.

Population Standard Deviation

A measure of the spread of a set of values in a population, giving insight into the variability within the entire population.

Sample Size

The number of observations or elements selected from a population to be included in a sample.