In the Model of Monopolistic Competition,if Firms Have ________ Average

question 16

Multiple Choice

In the model of monopolistic competition,if firms have ________ average cost curves,then opening trade will ________ the total number of firms and ________ the average price.

• A) downward sloping; decrease; decrease
• B) downward sloping; decrease; increase
• C) downward sloping; increase; decrease
• D) upward sloping; decrease; increase
• E) upward sloping; increase; decrease

Know the standards for text height in SAE and metric drawings.

Associate specific scale representations with their respective scales (e.g., quarter scale).

Understand the flexibility and constraints in text sizing for notes or items in drawings.

Distinguish between reduced and enlarged scales.

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Definitions:

Addition Law

In probability, the rule that calculates the probability of the occurrence of at least one of two events.

Binomial Distribution

A probability distribution that summarizes the likelihood that a value will take one of two independent states under a given set of parameters or conditions.

Negatively Skewed

Negatively skewed, in statistics, describes a distribution of data where the tail is longer on the left side of the distribution curve, indicating that the bulk of the values lie to the right.

Positively Skewed

A statistical distribution characterized by a longer tail on the right side, indicating that the bulk of the values lie to the left of the mean.