The Following Table Shows the Prices (In $1,000s)of the Last

question 24

Essay

The following table shows the prices (in $1,000s)of the last 15 trucks sold at a Toyota dealership. Construct a stem-and-leaf diagram.Given this diagram,estimate the price that a potential buyer would likely pay for a Toyota truck.

---

Definitions:

Non-Price Competition

Strategies used by companies to attract customers based on factors other than price, such as quality, service, and brand loyalty.

Monopolistic Competitor

A firm in a market that sells products that are differentiated from those of competitors, but not to the extent of a monopoly, leading to some degree of market power.

Short Run

A period in economics during which some factors of production or inputs are considered fixed.

Long Run

The long run is a period in economics where all factors of production and costs are variable, allowing companies to adjust all inputs.