In a Hearing Test,subjects Estimate the Loudness (In Decibels)of Sound,and

question 65

Multiple Choice

In a hearing test,subjects estimate the loudness (in decibels) of sound,and the results are;68,67,70,71,68,75,68,62,80,73,68 What are the outer fences?

• A)60.5,80.5
• B)75.5,80.5
• C)53,88
• D)83,88
• E)7.5,15

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Definitions:

Efficient Scale

The level of production at which a firm can produce its goods at the lowest average cost, optimizing resource use.

Profit-Maximizing

A strategy or approach aimed at achieving the highest possible profit from business operations.

Short-Run Equilibrium

A state in which market supply and demand balance out at a particular price level, resulting in an unchanging economic situation.

Monopolistically Competitive Industry

A commercial arrangement where a large number of businesses market products that are comparable but not the same, providing them with a certain amount of influence in the marketplace.