Exhibit 2-8

question 44

Multiple Choice

Exhibit 2-8.Consider the following frequency distribution. Refer to Exhibit 2-8.The total number of observations in the frequency distribution is _____.

• A)5
• B)6
• C)20
• D)24

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Definitions:

Market Equilibrium

A state in a market where the quantity demanded by consumers equals the quantity supplied by producers, leading to a stable price.

Competitive Industry

A sector of the marketplace characterized by numerous firms vying for market share, leading to benefits for consumers through innovation and lower prices.

Market Demand

The total quantity of a good or service that all consumers in a market are willing and able to purchase at various prices over a specific time period.

Indifference Principle

If an asset is mobile, then in long-run equilibrium, the asset will be indifferent about where it is used; that is, it will make the same profit no matter where it goes.