A Survey of Automobiles Parked in Student and Staff Lots

question 8

Multiple Choice

A survey of automobiles parked in student and staff lots at a large university classified the brands by region of origin,as seen in the table. $\begin{array}{|l|cc|}&\text { Driver }\\\hline \text {origin }& \text { Student } & \text { Staff } \\\hline \text { North American } & 90 & 86 \\\text { European } & 31 & 15 \\\text { Asian } & 60 & 52 \\\hline\end{array}$ What percent of the North American cars were owned by staff?

• A)48.9%
• B)51.1%
• C)56.2%
• D)25.7%
• E)128.4%

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Definitions:

Bilateral Monopoly

A market in which there is a single seller (monopoly) and a single buyer (monopsony).

Monopolist

A single seller in a market who has significant control over the price and supply of a product or service.

Monopsonist

A situation in the market where a single buyer dominates, possessing substantial control over the pricing of a product or service.

Nominal Wage

The wage paid to workers measured in current dollars, without adjustment for inflation.