Use the Following to Answer Questions

question 148

Multiple Choice

Use the following to answer questions :
Figure: Monopolistic Competition III
-Toby operates a small deli downtown.The deli industry is monopolistically competitive.Toby,along with every other deli in town,is producing the quantity that minimizes his average total cost.Assuming the delis are maximizing profits,the:

• A) number of delis will eventually decrease.
• B) number of delis will eventually increase.
• C) delis' prices equal their average total costs.
• D) delis have excess capacity.

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Definitions:

SAT scores

SAT scores are standardized test scores used for college admissions in the United States, assessing mathematical, verbal, and writing skills.

Confidence interval

An assortment of values, from sample-based statistics, that is speculated to contain the unseen population parameter value.

Population standard deviation

A measure of the dispersion or variability of a set of data points in a population, indicating how much the individual data points differ from the population mean.

Sample mean

The average value of the sample set, calculated as the sum of all observations divided by the number of observations.