A Histogram Describes a Frequency Distribution by Using a Series

question 60

True/False

A histogram describes a frequency distribution by using a series of adjacent rectangles,each of which has a length that is proportional to the frequency of observations within the range of values it represents.

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Definitions:

Purely Competitive

A market structure characterized by many buyers and sellers, all of whom have little to no influence on the market price of goods and services.

Marginal Resource Cost

The additional cost incurred by a firm or economy for utilizing one more unit of a resource, used in making efficient production and resource allocation decisions.

Profit-Maximizing

The process by which a firm determines the price and output level that returns the greatest profit.

Purely Competitive

Refers to a market structure where many firms sell identical products, allowing no single firm to influence the market price.