Roger Owns a Small Health Store That Sells Vitamins in a Perfectly

question 269

Multiple Choice

Roger owns a small health store that sells vitamins in a perfectly competitive market. If vitamins sell for $12 per bottle and the average total cost per bottle is $11.50 at the profit-maximizing output level, then in the long run

• A)more firms will enter the market.
• B)some firms will exit from the market.
• C)the equilibrium price per bottle will rise
• D)average total costs will rise.

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Definitions:

Sample Standard Deviation

A measure of the dispersion or variability of a sample dataset, indicating how much the individual data points differ from the sample mean.

Range

The difference between the highest and lowest values in a dataset, providing a measure of spread.

Measurements

Quantitative data obtained by measuring objects or events using standard units.

Percentile

In statistics, this term refers to the threshold under which a specific percentage of data within a collection is observed.