On a College Campus in the Northeast There Are Approximately

question 53

Multiple Choice

On a college campus in the northeast there are approximately 3000 students.On average there are approximately 50 classes being offered simultaneously on a given day.The number of registered students who are absent from the class is an example of a _______.

• A)discrete random variable
• B)continuous random variable

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Definitions:

Perfect Competition

A market structure characterized by a complete absence of rivalry among the individual firms. In this market, all firms sell an identical product, there are no barriers to entry or exit, and no single firm can influence the market price.

Standardized Product

A product that is uniform in quality and specifications across all production units, making it interchangeable with similar products.

Perfectly Competitive

A perfectly competitive market is characterized by many buyers and sellers, homogeneous products, free entry and exit, and perfect information.

Price Maker

A market participant with the power to influence the price of a good or service by controlling its supply, its demand, or both.