Consider a population with data values of 
. The population mean is:
Definitions:
Perfectly Competitive
A market structure characterized by a large number of buyers and sellers, homogenous products, and easy entry and exit from the market.
Price Takers
Entities that have no power to influence the market price of the product they are selling or buying; they accept the prevailing market price.
Marginal Revenue
The extra revenue generated by the sale of an additional unit of a product or service.
Total Revenue
The total amount of money earned by a firm from selling its goods or services before any costs are subtracted.
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