According to the IRS, the Average Refund in the 2011

question 91

Multiple Choice

According to the IRS, the average refund in the 2011 tax year was $3,109. Assuming that the standard deviation for these refunds was $874, what is the standard error of the sample mean for a random sample of 50 tax returns?

• A) $74.66
• B) $100.56
• C) $123.60
• D) $152.25

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Definitions:

Equilibrium

A state where supply equals demand in a market, resulting in an optimal distribution of goods and services.

Minimize Average Cost

The process of reducing the total cost per unit of goods or services produced.

Barriers To Entry

Obstacles that make it difficult for new firms to enter a market, which may include high start-up costs, regulatory hurdles, or strong competition.

Monopolistic Competition

Market in which firms can enter freely, each producing its own brand or version of a differentiated product.