If the Perfect Competitor Is Taking a Loss,its Output Will

question 357

Multiple Choice

If the perfect competitor is taking a loss,its output will be _______ it's most efficient output.

• A)greater than
• B)equal to
• C)less than

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Definitions:

Statistic

A single measure, reported as a number, used to summarize a sample of data.

Central Tendency

A measure that identifies the center of a data set, or where the bulk of the values lie, including mean, median, and mode.

Statistic

A statistic is a single measure, reported as a number, used to summarize a sample and to estimate the corresponding value in the larger population from which the sample was drawn.

Parameter

A parameter is a numerical characteristic of a population, such as its mean or standard deviation, as opposed to a statistic of a sample.