The Variance of a Binomial Distribution Is Found by Nπ(1

question 70

True/False

The variance of a binomial distribution is found by nπ(1 − π).

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Definitions:

Average Total Cost

The total cost of production divided by the total quantity produced.

Monopolistically Competitive Firms

Companies in a market structure where many firms sell products that are similar but not identical, competing on factors besides price.

Economic Profits

The financial gain exceeding the total costs, including both the explicit and implicit costs, of a business operation.

Long Run

A period in economics sufficient for all markets to adjust to equilibrium, including the production and entry and exit of firms.